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AUSSIE BONDS: Richer, Private Credit In Line, China Caixin MFG Weaker

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +2.0 & XM +2.0) are richer after dealing in narrow ranges in today’s Sydney session.

  • Private sector credit rose 0.5% from a month earlier in August.
  • Elsewhere, China Caixin Mfg PMI 49.3 vs. 50.5 est.
  • (AFR) The spot price of iron ore surged more than 10 per cent last week, rallying back above the $US100 a tonne mark in Singapore futures trading, but Goldman Sachs commodities analyst Aurelia Waltham is wary. “While we see upside risk to our price forecast from potential additional stimulus announcements, we still expect iron ore prices to fall to $US85 a tonne” in the final three months of this year, Ms Waltham said.
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s post-PCE deflator gains. The US calendar this week will see MNI Chicago PMI today, ISMs tomorrow, ADP private employment data on Wednesday, and the September jobs report on Friday.
  • Cash ACGBs are 2-3bps richer, with the AU-US 10-year yield differential at +19bps.
  • Swap rates are 1-2bps lower, with the 3s10s curve steeper.
  • The bills strip is richer, with pricing flat to +1 across contracts.
  • RBA-dated OIS pricing is 1-4bps softer across meetings. A cumulative 15bps of easing is priced by year-end.
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ACGBs (YM +2.0 & XM +2.0) are richer after dealing in narrow ranges in today’s Sydney session.

  • Private sector credit rose 0.5% from a month earlier in August.
  • Elsewhere, China Caixin Mfg PMI 49.3 vs. 50.5 est.
  • (AFR) The spot price of iron ore surged more than 10 per cent last week, rallying back above the $US100 a tonne mark in Singapore futures trading, but Goldman Sachs commodities analyst Aurelia Waltham is wary. “While we see upside risk to our price forecast from potential additional stimulus announcements, we still expect iron ore prices to fall to $US85 a tonne” in the final three months of this year, Ms Waltham said.
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s post-PCE deflator gains. The US calendar this week will see MNI Chicago PMI today, ISMs tomorrow, ADP private employment data on Wednesday, and the September jobs report on Friday.
  • Cash ACGBs are 2-3bps richer, with the AU-US 10-year yield differential at +19bps.
  • Swap rates are 1-2bps lower, with the 3s10s curve steeper.
  • The bills strip is richer, with pricing flat to +1 across contracts.
  • RBA-dated OIS pricing is 1-4bps softer across meetings. A cumulative 15bps of easing is priced by year-end.