MNI China Daily Summary: Friday, October 11

MNI: GERMANY SEP FINAL HICP -0.1% M/M; +1.8% Y/Y

MNI: PBOC Net Drains CNY183.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.0731 Fri; +3.03% Y/Y

CHINA PBOC CONDUCTS CNY94.2 BLN VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0731 FRI VS 7.0742

MNI: GERMAN SEP CPI +1.6 % Y/Y

MNI: UK AUG TRADE BALANCE GBP -0.95BN

MNI: UK AUG CONSTRUCTION OUTPUT +0.4% MM, +1% 3M3M, +0.3% YY

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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AUSSIE BONDS: Flat, Narrow Ranges, Focus On US PPI Data

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM flat & XM flat) are flat after trading in narrow ranges in today’s data light session.

  • The latest round of ACGB Nov-28 supply saw the weighted average yield print 1.69bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-steepener. Focus now turns to today’s PPI and University of Michigan inflation expectations, as well as the start of the latest earning cycle with several banks reporting before the open: Wells Fargo, JP Morgan, Bank of NY Mellon and Blackrock.
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential at +16bps.
  • Swap rates are flat to 1bp lower, with the 3s10s curve steeper.
  • The bills strip is slightly cheaper, with pricing -1 across contracts.
  • RBA-dated OIS pricing is little changed across 2025 meetings. A cumulative 7bps of easing is priced by year-end.
  • The local calendar is empty on Monday apart from the AOFM’s planned sale of A$300mn of the 1.75% 21 June 2051 bond.  The AOFM also plans to sell A$700mn of the 3.75% 21 May 2034 bond on Wednesday and A$500mn of the 4.75% 21 April 2027 bond on Friday. 
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ACGBs (YM flat & XM flat) are flat after trading in narrow ranges in today’s data light session.

  • The latest round of ACGB Nov-28 supply saw the weighted average yield print 1.69bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-steepener. Focus now turns to today’s PPI and University of Michigan inflation expectations, as well as the start of the latest earning cycle with several banks reporting before the open: Wells Fargo, JP Morgan, Bank of NY Mellon and Blackrock.
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential at +16bps.
  • Swap rates are flat to 1bp lower, with the 3s10s curve steeper.
  • The bills strip is slightly cheaper, with pricing -1 across contracts.
  • RBA-dated OIS pricing is little changed across 2025 meetings. A cumulative 7bps of easing is priced by year-end.
  • The local calendar is empty on Monday apart from the AOFM’s planned sale of A$300mn of the 1.75% 21 June 2051 bond.  The AOFM also plans to sell A$700mn of the 3.75% 21 May 2034 bond on Wednesday and A$500mn of the 4.75% 21 April 2027 bond on Friday.