MNI BRIEF: China Youth Umemployment Rate Fell In November

MNI CHINA MONEY MARKET INDEX: Easing Expectations Surge

MNI DEC CHINA MONEY MARKET INDEX 36.0 VS NOV 53.5

MNI BRIEF: PBOC Warns Market On Bond Rally - Press

MNI: PBOC Net Injects CNY309 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1880 Weds; -2.54% Y/Y

MNI: UK NOV CPI +0.1% M/M, +2.6% Y/Y

JAPAN DATA: Japan Nov Exports +3.8% Y/Y; Imports -3.8% Y/Y

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AUSSIE BONDS: Cheaper, Narrow Ranges, Bldg Apps On The Move

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -7.0 & XM -5.0) are cheaper after dealing in relatively narrow ranges in today’s Sydney session.

  • Outside of the previously outlined domestic data drop (Retail Sales, Terms of Trade, Building Approvals and Private Sector Credit), there hasn't been much by way of domestic drivers to flag.
  • Building approvals are finally gathering momentum in a housing market characterised by low stocks. But the total continues to be below the level in January 2020 despite an 8.7% increase in the working-age population since then. Continued pressure on the housing market is likely to drive further home price and rental increases.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session. 
  • Cash ACGBs are 5-6bps cheaper with the AU-US 10-year yield differential at +23bps.
  • Swap rates are 5bps higher.
  • The bills strip has bear-steepened, with pricing -1 to -8.
  • RBA-dated OIS pricing has firmed by 1-7bps, with gains led by later meetings. Today’s movements place 2025 meetings 3-8bps above pre-CPI levels from yesterday. Just 2bps of easing is priced in by year-end.
  • Tomorrow, the local calendar will see CoreLogic Home Value, Judo Bank PMI Mfg, Household Spending, PPI and Home Loans Value data alongside AOFM’s planned sale of A$800mn of the 3.50% 21 December 2034 bond. 
198 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

ACGBs (YM -7.0 & XM -5.0) are cheaper after dealing in relatively narrow ranges in today’s Sydney session.

  • Outside of the previously outlined domestic data drop (Retail Sales, Terms of Trade, Building Approvals and Private Sector Credit), there hasn't been much by way of domestic drivers to flag.
  • Building approvals are finally gathering momentum in a housing market characterised by low stocks. But the total continues to be below the level in January 2020 despite an 8.7% increase in the working-age population since then. Continued pressure on the housing market is likely to drive further home price and rental increases.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session. 
  • Cash ACGBs are 5-6bps cheaper with the AU-US 10-year yield differential at +23bps.
  • Swap rates are 5bps higher.
  • The bills strip has bear-steepened, with pricing -1 to -8.
  • RBA-dated OIS pricing has firmed by 1-7bps, with gains led by later meetings. Today’s movements place 2025 meetings 3-8bps above pre-CPI levels from yesterday. Just 2bps of easing is priced in by year-end.
  • Tomorrow, the local calendar will see CoreLogic Home Value, Judo Bank PMI Mfg, Household Spending, PPI and Home Loans Value data alongside AOFM’s planned sale of A$800mn of the 3.50% 21 December 2034 bond.