US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

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

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BONDS: NZGBS: Closed Cheaper, H/H Spending Up Again

BONDS
BulletMarketsFixed Income Bullets

NZGBs closed 1-3bps cheaper across benchmarks, aligning with cash US tsys, which are also flat to 3bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.

  • NZ retail card spending posted a third consecutive monthly rise in October up 0.6% m/m after 0.1%. Total spending rose 0.4% m/m after 0.3% and is now slightly positive on a year ago. The start of easing in August appears to have allowed households to begin to spend again.
  • Westpac sees the October data as “encouraging” and that there should be further rises once past and future rate cuts are fully felt. Westpac observes that “most mortgages have not come up for refixing yet. In addition, further cuts from the RBNZ are expected over the coming months (we’re forecasting another 50bp cut at the upcoming November meeting).”
  • Swap rates closed 1-3bps higher, with a flattening bias.
  • RBNZ dated OIS pricing closed 3-8bps firmer across 2025 meetings. A cumulative 89bps of easing is priced by February, with 52bps by year-end.
  • Tomorrow, the local calendar will see Net Migration data, ahead of REINZ House Sales and Food Prices on Thursday. 
193 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

NZGBs closed 1-3bps cheaper across benchmarks, aligning with cash US tsys, which are also flat to 3bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.

  • NZ retail card spending posted a third consecutive monthly rise in October up 0.6% m/m after 0.1%. Total spending rose 0.4% m/m after 0.3% and is now slightly positive on a year ago. The start of easing in August appears to have allowed households to begin to spend again.
  • Westpac sees the October data as “encouraging” and that there should be further rises once past and future rate cuts are fully felt. Westpac observes that “most mortgages have not come up for refixing yet. In addition, further cuts from the RBNZ are expected over the coming months (we’re forecasting another 50bp cut at the upcoming November meeting).”
  • Swap rates closed 1-3bps higher, with a flattening bias.
  • RBNZ dated OIS pricing closed 3-8bps firmer across 2025 meetings. A cumulative 89bps of easing is priced by February, with 52bps by year-end.
  • Tomorrow, the local calendar will see Net Migration data, ahead of REINZ House Sales and Food Prices on Thursday.