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MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CHINA PBOC CONDUCTS CNY58.2 BILLION VIA 7-DAY REVERSE REPOS MON

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BoC Data Watch

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MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Bear Flattening

AUSSIE BONDS

Aussie bonds are off their extremes but sit comfortably cheaper on the day, having maintained the bulk of their early cheapening bias (which was attributable to the bearish impetus from core FI markets observed on Monday), as Asia-Pac equity weakness helped the space find a bit of a base.

  • Cash ACGBs run 5.5-9.0bp cheaper across the curve, bear flattening. YM is -8.5 while XM is -7.5, with both contracts operating a little above their respective session lows. EFPs have widened, with the 3-/10-Year box steepening, while Bills run 3 to 17 ticks cheaper through the reds, bear steepening.
  • The weekly ANZ-Roy Morgan consumer confidence index saw a second consecutive uptick, but remains comfortably below the breakeven 100 level.
  • Wednesday’s local docket will see A$800mn of ACGB Apr-29 on offer, with no economic data releases of note scheduled.
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