MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

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MNI China Daily Summary: Thursday, November 21

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

MNI: GERMANY Q3 FINAL GDP 0.1% Q/Q (VS FCST 0.2%)

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

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BONDS: NZGBS: Richer With US Tsys, RBNZ Silk Speech Due

BONDS
BulletMarketsFixed Income Bullets

In local morning trade, NZGBs are 3bps richer after US tsys climbed steadily off session cheaps to finish with US 2- and 10-year yields 6-7bps lower and the curve steeper.

  • There was no US economic data yesterday, with the markets awaiting tomorrow’s CPI and Thursday’s PPI inflation measures.
  • The Federal Reserve's top banking regulator Michael Barr on Tuesday said the biggest U.S. banks would face a 9% increase in capital requirements in a re-proposal of Basel endgame and G-SIB surcharge rules.
  • A rebound in tech shares, driven in part by Oracle, helped the Nasdaq Composite and S&P 500 advance. The Dow was lower, dragged by JPMorgan and Goldman Sachs.
  • Swap rates are 3bps lower.
  • RBNZ dated OIS pricing is 1-4bps softer across meetings. A cumulative 78bps of easing is priced by year-end.
  • NZ net migration estimates rose to +3,030 in July from a revised +2,880 in June.
  • RBNZ assistant Governor Karen Silk has been speaking this morning at a Kanga news event, but as of yet there have been no headlines out.
  • Tomorrow, the NZ Treasury plans to sell NZ$300mn of the 3.00% Apr-29 bond, NZ$150mn of the 4.50% May-35 bond and NZ$50mn of the 2.75% Apr-37 bond.
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In local morning trade, NZGBs are 3bps richer after US tsys climbed steadily off session cheaps to finish with US 2- and 10-year yields 6-7bps lower and the curve steeper.

  • There was no US economic data yesterday, with the markets awaiting tomorrow’s CPI and Thursday’s PPI inflation measures.
  • The Federal Reserve's top banking regulator Michael Barr on Tuesday said the biggest U.S. banks would face a 9% increase in capital requirements in a re-proposal of Basel endgame and G-SIB surcharge rules.
  • A rebound in tech shares, driven in part by Oracle, helped the Nasdaq Composite and S&P 500 advance. The Dow was lower, dragged by JPMorgan and Goldman Sachs.
  • Swap rates are 3bps lower.
  • RBNZ dated OIS pricing is 1-4bps softer across meetings. A cumulative 78bps of easing is priced by year-end.
  • NZ net migration estimates rose to +3,030 in July from a revised +2,880 in June.
  • RBNZ assistant Governor Karen Silk has been speaking this morning at a Kanga news event, but as of yet there have been no headlines out.
  • Tomorrow, the NZ Treasury plans to sell NZ$300mn of the 3.00% Apr-29 bond, NZ$150mn of the 4.50% May-35 bond and NZ$50mn of the 2.75% Apr-37 bond.