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AUSSIE BONDS: ACGBS Richer, Curve Slightly Steeper, 10yr Tests 3.800%

AUSSIE BONDS
Bullet

ACGBs (YM +3.4 & XM +0.9) are richer today, although trade just off session's best level, while headlines have been almost non-existent will majority of Asia out today for public Holidays. 

  • Global rates look to have just continued with moves made in US tsys on Friday, while the weaker data out of China on Saturday, and talk from PBoC around further stimulus look to have helped local yields.
  • Equities have been mixed today, Australia's ASX200 is slightly higher as banks outperformed, while Hong Kong equities were the only outlet traders could sell in response to the poor China data, the HSI was down about 1% at its worst however have recovered majortiy of that weakness to trade just 0.20% lower.
  • Cash ACGBs are flat to 2.5bps richer with the 2yr is trading -2.6bps at 3.529%, the 10yr is now -0.2bps at 3.812% both made new cycle lows. The 2s10s is +2.40 at  27.810 while the AU-US 10-year yield differential dropped 2bps this morning to +15bps.
  • Swap rates are 1-3bps lower, with the curve is slightly steeper
  • The bills strip is cheaper, with pricing -0.5 to +1 across contracts.
  • RBA dated OIS is little changed today with 21bps of cuts now priced into year-end. While we have firmed through meeting next year with the Feb meeting is now pricing in 46.5, up 4bps.
  • Today, the calendar was empty, focus will now turn to Employment Data on Thursday
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ACGBs (YM +3.4 & XM +0.9) are richer today, although trade just off session's best level, while headlines have been almost non-existent will majority of Asia out today for public Holidays. 

  • Global rates look to have just continued with moves made in US tsys on Friday, while the weaker data out of China on Saturday, and talk from PBoC around further stimulus look to have helped local yields.
  • Equities have been mixed today, Australia's ASX200 is slightly higher as banks outperformed, while Hong Kong equities were the only outlet traders could sell in response to the poor China data, the HSI was down about 1% at its worst however have recovered majortiy of that weakness to trade just 0.20% lower.
  • Cash ACGBs are flat to 2.5bps richer with the 2yr is trading -2.6bps at 3.529%, the 10yr is now -0.2bps at 3.812% both made new cycle lows. The 2s10s is +2.40 at  27.810 while the AU-US 10-year yield differential dropped 2bps this morning to +15bps.
  • Swap rates are 1-3bps lower, with the curve is slightly steeper
  • The bills strip is cheaper, with pricing -0.5 to +1 across contracts.
  • RBA dated OIS is little changed today with 21bps of cuts now priced into year-end. While we have firmed through meeting next year with the Feb meeting is now pricing in 46.5, up 4bps.
  • Today, the calendar was empty, focus will now turn to Employment Data on Thursday