MNI BRIEF: Aussie Retail Trade Growth Slows To 0.1% M/M

MNI BRIEF: Japan Sept Factory Output Rises 1.4% M/M

MACKLEM SAYS BOC IS PREPARED TO CUT 50BPS AGAIN IF REQUIRED

MNI BRIEF: 3Q US GDP Slows To 2.8%; Core PCE Inflation 2.2%

MNI China Daily Summary: Wednesday, October 30

MNI OCT CHINA MONEY MARKET INDEX 38.4

Australia Sep Retail Sales +0.1% M/M

Australia Sep Total Dwellings Approved +4.4%

MNI: AUSTRALIA AUG BUILDING APPROVALS +4.4% M/M, +6.8% Y/Y

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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

BONDS: NZGBS: Little Changed, US Tsys Rally On JOLTS Data

BONDS
BulletMarketsFixed Income Bullets

In local morning trade, NZGBs are unchanged after US tsys rallied on weaker-than-expected JOLTS data. There were 7443k (cons 8000k) vacant jobs in September, the lowest since February 2021. US non-farm payroll data is due on Friday.

  • Meanwhile, within the surprisingly strong Conference Board consumer survey for October (confidence at 108.7 vs cons 99.5 after 99.2), the labour differential improved for the first time in eight months.
  • The US 10-year yield traded to an intra-day peak of 4.34% - a fresh cycle high since the September trough - before retracing to 4.25% (-3bps) after the 7-year auction saw strong investor demand and cleared 2bp below market levels. Yesterday, 2-year and 5-year treasury auctions cleared above the prevailing market rate.
  • The focus now turns to today's ADP employment data, GDP and Pending Home Sales.
  • Swap rates are little changed.
  • RBNZ dated OIS pricing is little changed across meetings. A cumulative 99bps of easing is priced by February, with 54bps by year-end.
  • Today, the local calendar is empty.
  • Tomorrow, the NZ Treasury plans to sell NZ$175mn of the 3.0% Apr-29 bond, NZ$250mn of the 4.25% May-34 bond and NZ$75mn of the 1.75% May-41 bond.
185 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.

In local morning trade, NZGBs are unchanged after US tsys rallied on weaker-than-expected JOLTS data. There were 7443k (cons 8000k) vacant jobs in September, the lowest since February 2021. US non-farm payroll data is due on Friday.

  • Meanwhile, within the surprisingly strong Conference Board consumer survey for October (confidence at 108.7 vs cons 99.5 after 99.2), the labour differential improved for the first time in eight months.
  • The US 10-year yield traded to an intra-day peak of 4.34% - a fresh cycle high since the September trough - before retracing to 4.25% (-3bps) after the 7-year auction saw strong investor demand and cleared 2bp below market levels. Yesterday, 2-year and 5-year treasury auctions cleared above the prevailing market rate.
  • The focus now turns to today's ADP employment data, GDP and Pending Home Sales.
  • Swap rates are little changed.
  • RBNZ dated OIS pricing is little changed across meetings. A cumulative 99bps of easing is priced by February, with 54bps by year-end.
  • Today, the local calendar is empty.
  • Tomorrow, the NZ Treasury plans to sell NZ$175mn of the 3.0% Apr-29 bond, NZ$250mn of the 4.25% May-34 bond and NZ$75mn of the 1.75% May-41 bond.