MNI China Daily Summary: Friday, October 18

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MNI: SWEDEN SEP UNEMPLOYMENT 8.2%

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AUSTRALIA: Albanese Lines Up Budget for May Election

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AUSSIE BONDS: Heavy Session But Narrow Ranges

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -5.0 & XM -6.5) are weaker and near Sydney session lows. That said, ranges have been relatively small on a data-light day. 

  • Cash US Treasuries are slightly mixed in today’s Asia-Pacific session, following yesterday’s sharp bear-steepening. Friday’s data calendar is relatively light, with housing starts and building permits being the key releases. However, several Fed speakers are lined up, including Bostic, Kashkari, Waller, and Bostic.
  • Cash ACGBs are 4-6bps cheaper on the day and 11-12bps cheaper than yesterday’s pre-jobs levels. The AU-US 10-year yield differential is at 22bps.  
  • Swap rates are 4-6bps higher, with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing -1 to -5.
  • RBA-dated OIS pricing is 3-5bps firmer for 2025 meetings. A cumulative 4bps of easing is priced by year-end.
  • On Monday, the local calendar is empty apart from a fireside chat by Andrew Hauser, RBA Deputy Governor, at the CBA 2024 Global Markets Conference.
  • Next week, the AOFM plans to sell A$700mn of the 3.25% 21 April 2029bond on Monday, A$800mn of the 4.25% 21 December 2035bond on Wednesday and A$300mn of the 4.25% 21 June 2034bond on Friday. 
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ACGBs (YM -5.0 & XM -6.5) are weaker and near Sydney session lows. That said, ranges have been relatively small on a data-light day. 

  • Cash US Treasuries are slightly mixed in today’s Asia-Pacific session, following yesterday’s sharp bear-steepening. Friday’s data calendar is relatively light, with housing starts and building permits being the key releases. However, several Fed speakers are lined up, including Bostic, Kashkari, Waller, and Bostic.
  • Cash ACGBs are 4-6bps cheaper on the day and 11-12bps cheaper than yesterday’s pre-jobs levels. The AU-US 10-year yield differential is at 22bps.  
  • Swap rates are 4-6bps higher, with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing -1 to -5.
  • RBA-dated OIS pricing is 3-5bps firmer for 2025 meetings. A cumulative 4bps of easing is priced by year-end.
  • On Monday, the local calendar is empty apart from a fireside chat by Andrew Hauser, RBA Deputy Governor, at the CBA 2024 Global Markets Conference.
  • Next week, the AOFM plans to sell A$700mn of the 3.25% 21 April 2029bond on Monday, A$800mn of the 4.25% 21 December 2035bond on Wednesday and A$300mn of the 4.25% 21 June 2034bond on Friday.