MNI China Daily Summary: Friday, January 10

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MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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AUSSIE BONDS: Richer, Capex Close To Expns, RBA Gov. Speech Later

AUSSIE BONDS
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ACGBs (YM +4.0 & XM +4.0) are richer and at or near Sydney session highs.

  • Private capital expenditure rose 1.1% q/q in Q3 to be up 1.0% y/y, close to consensus expectations, after falling 2.2% q/q and -0.1% y/y in Q2. The increase was driven by non-mining investment. It signals that private GFCF should post a positive quarterly result on December 4’s Q3 national accounts. Inventory, net exports and government spending inputs are released on December 2 and 3.
  • Cash US tsys are closed today ahead of the Thanksgiving holiday, with no data out until next week.
  • Cash ACGBs are 4-5bps richer.
  • Swap rates are 4bps lower.
  • The bills strip has twist-flattened, with pricing -1 to +6.
  • RBA-dated OIS pricing is flat to 5bps richer across meetings. A 25bps rate cut is not fully priced until May.
  • Today, the local calendar will also see a speech from RBA Governor Bullock at the CEDA Conference aftermarket.
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ACGBs (YM +4.0 & XM +4.0) are richer and at or near Sydney session highs.

  • Private capital expenditure rose 1.1% q/q in Q3 to be up 1.0% y/y, close to consensus expectations, after falling 2.2% q/q and -0.1% y/y in Q2. The increase was driven by non-mining investment. It signals that private GFCF should post a positive quarterly result on December 4’s Q3 national accounts. Inventory, net exports and government spending inputs are released on December 2 and 3.
  • Cash US tsys are closed today ahead of the Thanksgiving holiday, with no data out until next week.
  • Cash ACGBs are 4-5bps richer.
  • Swap rates are 4bps lower.
  • The bills strip has twist-flattened, with pricing -1 to +6.
  • RBA-dated OIS pricing is flat to 5bps richer across meetings. A 25bps rate cut is not fully priced until May.
  • Today, the local calendar will also see a speech from RBA Governor Bullock at the CEDA Conference aftermarket.