MNI BRIEF: Canada Household Debt Tops CAD3 Trillion

ECB: SEES INFLA 2.5% IN '24, 2.2% '25, 1.9% '26

MNI: ECB CUTS KEY DEPOSIT RATE 25 BPS TO 3.50%

MNI China Daily Summary: Thursday, Sept 12

MNI BRIEF: China’s Foreign Investors Remain Positive

MNI BRIEF: China Aluminium Rebound Likely In September

US EIA:NAT GAS STORAGE +40 BCF TO 3,387 BCF SEP 06 WK

MNI: US JOBLESS CLAIMS +2K TO 230K IN SEP 07 WK

MNI: CANADIAN JUL BUILDING PERMITS +22.1% MOM

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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

Cheaper Despite Weaker Than Expected Q2 Capex, Retail Sales & Private Credit Tomorrow

AUSSIE BONDS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

ACGBs (YM -1.0 & XM -3.0) are holding slightly cheaper after dealing in narrow ranges in today’s Sydney session. This comes despite weaker-than-expected 2Q Capex data.

  • Q2 national account components have so far printed weaker than expected with capex today down 2.2% q/q, yesterday’s construction work up only 0.1% q/q and real retail sales contracting 0.3% q/q. the investment series saw upward revisions to Q1 though. They are painting a weak growth picture for Q2. GDP prints on September 4 with inventories on September 2 and net exports/government spending on September 3.
  • Cash US tsys are little changed in today’s Asia-Pac session. Nvidia’s results and Fed Bostick’s remarks aftermarket have had little impact.
  • Cash ACGBs are 1-2bps cheaper, with the AU-US 10-year yield differential at +12bps
  • Swap rates are 1-2bps higher.
  • The bills strip is -2 to flat.
  • RBA-dated OIS pricing is little changed today, with a cumulative 18bps of easing priced by year-end. Nevertheless, for meetings beyond November, pricing remains 7-12 bps firmer than pre-CPI levels yesterday.
  • Tomorrow, the local calendar will see Retail Sales and Private Sector Credit data alongside AOFM’s planned sale of A$700mn of the 2.75% 21 November 2029 bond.
194 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.

ACGBs (YM -1.0 & XM -3.0) are holding slightly cheaper after dealing in narrow ranges in today’s Sydney session. This comes despite weaker-than-expected 2Q Capex data.

  • Q2 national account components have so far printed weaker than expected with capex today down 2.2% q/q, yesterday’s construction work up only 0.1% q/q and real retail sales contracting 0.3% q/q. the investment series saw upward revisions to Q1 though. They are painting a weak growth picture for Q2. GDP prints on September 4 with inventories on September 2 and net exports/government spending on September 3.
  • Cash US tsys are little changed in today’s Asia-Pac session. Nvidia’s results and Fed Bostick’s remarks aftermarket have had little impact.
  • Cash ACGBs are 1-2bps cheaper, with the AU-US 10-year yield differential at +12bps
  • Swap rates are 1-2bps higher.
  • The bills strip is -2 to flat.
  • RBA-dated OIS pricing is little changed today, with a cumulative 18bps of easing priced by year-end. Nevertheless, for meetings beyond November, pricing remains 7-12 bps firmer than pre-CPI levels yesterday.
  • Tomorrow, the local calendar will see Retail Sales and Private Sector Credit data alongside AOFM’s planned sale of A$700mn of the 2.75% 21 November 2029 bond.