YM -0.5, XM -4.0, with the latter......>

AUSSIE BONDS: YM -0.5, XM -4.0, with the latter having a brief look through its

SYCOM lows after the Sydney re-open, but the move proved fleeting. Still the

curve holds steeper, after tracking the broader risk impetus overnight. Contact

highlights that EFPs tightened on the sell-off, with more interest seen in curve

flatteners via both the 10-Year point and ultra-long-end of the curve overnight.

- Bills sit unchanged -1 through the reds.

- Building approvals data headlines the local docket, with A$2.0bn worth of ACGB

2.75% 21 November 2028 supply also due. Chinese Caixin manufacturing PMI data

will provides another point of interest.

- Local m'fing PMI data saw moves back into (shallow) expansionary territory

during June.