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AUSSIE BONDS: Richer, Narrow Ranges, RBA Minutes Tomorrow

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +5.0 & XM +3.0) are richer after dealing in narrow ranges in today’s data-light Sydney session. 

  • "Australia and other countries in the Asia-Pacific bloc must raise revenue and cut spending to ensure their budgets are prepared for the next global shock, and they need to embrace “ambitious” reform to lift growth and productivity, the International Monetary Fund says." (per AFR)
  • "Goldman Sachs is urging investors to choose copper and aluminium over iron ore in 2025 as weak demand from China collides with an excess supply of Australia’s key export, keeping prices below $US100 a tonne." (per AFR)
  • Cash US tsys are little changed across benchmarks in today’s Asia-Pac session after Friday’s bull-steepening.
  • Cash ACGBs are 3-5bps richer with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 3-5bps lower, with the 3s10s curve steeper.
  • The bills strip has bull-flattened, with pricing +1 to +6.
  • RBA-dated OIS pricing is 1-6bps softer across meetings for 2025. No easing is priced by year-end, with a 25bp rate cut not fully priced until July.
  • RBA Minutes for the November meeting are to be released tomorrow. 
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ACGBs (YM +5.0 & XM +3.0) are richer after dealing in narrow ranges in today’s data-light Sydney session. 

  • "Australia and other countries in the Asia-Pacific bloc must raise revenue and cut spending to ensure their budgets are prepared for the next global shock, and they need to embrace “ambitious” reform to lift growth and productivity, the International Monetary Fund says." (per AFR)
  • "Goldman Sachs is urging investors to choose copper and aluminium over iron ore in 2025 as weak demand from China collides with an excess supply of Australia’s key export, keeping prices below $US100 a tonne." (per AFR)
  • Cash US tsys are little changed across benchmarks in today’s Asia-Pac session after Friday’s bull-steepening.
  • Cash ACGBs are 3-5bps richer with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 3-5bps lower, with the 3s10s curve steeper.
  • The bills strip has bull-flattened, with pricing +1 to +6.
  • RBA-dated OIS pricing is 1-6bps softer across meetings for 2025. No easing is priced by year-end, with a 25bp rate cut not fully priced until July.
  • RBA Minutes for the November meeting are to be released tomorrow.