Another City Lockdown & Softer Than Exp. Official Chinese PMI Data

YM -0.5, XM -2.5 in early Sydney trade this week, with the latter moving a little off overnight lows given the softer than expected official Chinese PMI data seen over the weekend, in addition to news that a single COVID case in Perth has resulted in a 5 day lockdown for the city.

• Elsewhere, the AFR has noted that PM Morrison will state the following later today: "you can't run the Australian economy on taxpayers' money forever" and that "the task now is to continue our economic recovery by sticking to our economic recovery plan and exercising the fiscal discipline necessary to ensure that we do not overburden future generations and continue to spend taxpayers' money wisely."
• Meanwhile, the weekend saw Treasurer Frydenberg point to the better than expected labour market developments, although he did flag an element of two-way risk from here.
• Housing finance data headlines the local docket today, with CoreLogic house price & ANZ job data also due. The latest round of local m'fing PMI data has come and gone with nothing in the way of tangible market reaction, as is the norm.