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BOND SUMMARY: Yesterday's risk-on mood, inspired by the de-escalation in
U.S.-China trade war, has moderated somewhat. Core FI have ticked higher lately.
There seems to be little new in the way of headlines that could underpin the
move, but familiar risk themes remain in play, headlined by intensifying unrest
in Hong Kong. This has occurred in sync with a pullback in major regional equity
indices, although they remain in the green. T-Notes last trade +0-01 at 129-27+,
with cash Tsy yields sitting 1.3-2.6bp lower across the curve. Eurodollar
contracts last seen -0.5 tick to +3.0 ticks through the reds.
- JGB futures sit 12 ticks shy of settlement, last at 154.79. JGB yield curve
has bear steepened. Muted reaction was noted to impressive beats in core machine
orders, both on a M/M and Y/Y basis. Chosun Ilbo reported that Japanese & S.
Korean Foreign Mins will meet next week on neutral territory.
- Aussie bond futures have climbed, YM last -3.5 ticks, XM -3.0 ticks. Aussie
yield curve runs flatter, yields sit 1.0-3.2bp higher. Bills are 2-4 ticks lower
thru reds. Focus turns to A$800 million of ACGB 2.50% 21 May 2030 supply at the
top of the hour, followed by Aussie wage price index & China's activity data.