MNI China Daily Summary: Wednesday, October 16

MNI: ITALY FINAL HICP +1.2% M/M, +0.7%Y/Y

MNI BRIEF: BOJ's Adachi Sees Conditions For Normalisation

MNI: PBOC Net Injects CNY581.4 Bln via OMO Wednesday

CHINA PBOC CONDUCTS CNY642.4 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1191 Weds; +2.66% Y/Y

MNI: UK SEP OUTPUT PPI -0.5% M/M, -0.7% Y/Y

MNI: UK SEP CPI +0% M/M, +1.7% Y/Y

Japan Aug Machine Orders -1.9% M/M

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

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AUSSIE BONDS: Richer With US Tsys, September’s Employment Report Tomorrow

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +4.0 & XM +5.0) are richer and near highs on another data-light Sydney session.

  • “Australia’s central bank is still running through the local implications of China’s stimulus measures as officials prepare the Reserve Bank’s latest update of forecasts for next month’s board meeting, Assistant Governor Sarah Hunter said.” (per BBG)
  • The latest round of ACGB May-34 supply saw the weighted average yield print 0.52bps through prevailing mids, extending the recent trend of firm pricing at ACGB auctions.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-flattener. Today’s US calendar includes September import/export prices - which feed into the Fed's preferred PCE inflation gauge - and a Fox interview with Vice President Harris.
  • Cash ACGBs are 5bps richer with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 4-5bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing +2 to +5.
  • RBA-dated OIS pricing is 2-5bps softer for 2025 meetings. A cumulative 7bps of easing is priced by year-end.
  • The local calendar will see the September Employment Report tomorrow. Consensus expects +25k jobs to be created with a steady unemployment rate of 4.2%. 
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ACGBs (YM +4.0 & XM +5.0) are richer and near highs on another data-light Sydney session.

  • “Australia’s central bank is still running through the local implications of China’s stimulus measures as officials prepare the Reserve Bank’s latest update of forecasts for next month’s board meeting, Assistant Governor Sarah Hunter said.” (per BBG)
  • The latest round of ACGB May-34 supply saw the weighted average yield print 0.52bps through prevailing mids, extending the recent trend of firm pricing at ACGB auctions.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-flattener. Today’s US calendar includes September import/export prices - which feed into the Fed's preferred PCE inflation gauge - and a Fox interview with Vice President Harris.
  • Cash ACGBs are 5bps richer with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 4-5bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing +2 to +5.
  • RBA-dated OIS pricing is 2-5bps softer for 2025 meetings. A cumulative 7bps of easing is priced by year-end.
  • The local calendar will see the September Employment Report tomorrow. Consensus expects +25k jobs to be created with a steady unemployment rate of 4.2%.