MNI China Daily Summary: Thursday, October 31

RPT-MNI INTERVIEW: China Stimulus To Boost Imports - WTO Econ

MNI BRIEF: China Steel PMI Remains Above 50 In October

RPT-MNI INTERVIEW: China Stimulus To Boost Imports - WTO Econ

MNI: PBOC Net Drains CNY471.3 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1250 Thurs; +2.75% Y/Y

MNI: FRANCE OCT HICP +0.3% M/M, +1.5% Y/Y

MNI: FRANCE SEP PPI -0.1% M/M, -7% Y/Y

MNI: GERMANY SEP IMPORT PRICE INDEX -0.4% M/M; -1.3% Y/Y

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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AUSSIE BONDS: Richer But Off Bests, Q3 CPI Tomorrow

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +2.0 & XM +2.5) are richer but off Sydney highs on another data/newsflow light session.

  • The move away from session cheaps was aided by cash US tsys, which are ~1bps richer in today’s Asia-Pac session. After a slow start to the week, US data and newsflow are set to heat up with ADP Jobs and PCE Deflator data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket. Next Tuesday's presidential election will also likely keep some trading accounts on the sidelines.
  • Australian Q3/September CPI data are released tomorrow and will be an important input into the November 5 RBA decision. Headline will be impacted by temporary government energy relief and so the trimmed mean will be the focus. There will also be continued attention on domestically-driven services.
  • Cash ACGBs are 3bps richer with the AU-US 10-year yield differential at +18bps.
  • Swap rates are 2bps lower, with EFPs slightly wider.
  • The bills strip is slightly stronger across contracts, with pricing flat to +2.
  • RBA-dated OIS pricing is flat to 3bps softer across 2025 meetings. A cumulative 4bps of easing is priced by year-end.
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ACGBs (YM +2.0 & XM +2.5) are richer but off Sydney highs on another data/newsflow light session.

  • The move away from session cheaps was aided by cash US tsys, which are ~1bps richer in today’s Asia-Pac session. After a slow start to the week, US data and newsflow are set to heat up with ADP Jobs and PCE Deflator data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket. Next Tuesday's presidential election will also likely keep some trading accounts on the sidelines.
  • Australian Q3/September CPI data are released tomorrow and will be an important input into the November 5 RBA decision. Headline will be impacted by temporary government energy relief and so the trimmed mean will be the focus. There will also be continued attention on domestically-driven services.
  • Cash ACGBs are 3bps richer with the AU-US 10-year yield differential at +18bps.
  • Swap rates are 2bps lower, with EFPs slightly wider.
  • The bills strip is slightly stronger across contracts, with pricing flat to +2.
  • RBA-dated OIS pricing is flat to 3bps softer across 2025 meetings. A cumulative 4bps of easing is priced by year-end.