MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1122 Thurs; -1.79% Y/Y

MNI BRIEF: Aussie Unemployment Prints Tighter At 4% In May

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1122 THURS VS 7.1133

MNI BRIEF: China To Aid Outdated New-Energy Capacity Clear-out

Australia May Unemployment Rate 4.0%

MNI:AUSTRALIA MAY UNEMPLOYMENT RATE +4%

Local Investors Dump Offshore Bonds, Foreign Inflows Into Local Equities Halted

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

CEMEA Central Bank Policy Dominates Rates Price Action Today, SA the Exception

EMERGING MARKETS
  • Idiosyncratic central bank divergences continue to spark sizable moves in CEMEA today, most notably in Russia & Turkey - which have embarked on polar opposite trajectories in the past week.
  • TURKEY: TurkGBs stand +16-19bp higher today, with weakness concentrated in 5 & 10Y yields following threats of diplomat expulsions and larger than expected cuts from the CBRT last week.
    • Moreover, real rates compression, runaway inflation and increased dollarization continue to weigh on TRY assets into year-end and seem far from letting up at this juncture with another 100bp or larger cut expected at the next meeting.
  • RUSSIA: OFZs remain under bear flattening pressure this morning with 2-3Y yields up +13-16bp in response to a larger than expected CBR hike on Friday – with Nabiullina vehemently vocalising the bank's concern over the path of inflation.
    • 2Y yields are now up +100bp since the start of September, with markets still pricing in more tightening to come as hopes of a near-term moderation in proinflationary pressures dwindle
  • SA: SA stands as the notable exception to the trend today, rallying against the grain as markets await new data that could show a large net inflow of R21.9bn to local bonds vs the prior data reflecting a R99bn outflow.
    • 5Y & 10Y yields are most bid at -6.2bp & -4.3bp on the day, while the rest of the curve treads water in positive territory. The 10Y rejected the 9.90 level but will need to dip below 9.80 to break the current uptrend.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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.