MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

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

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Cheaper, Narrow Ranges, Light Local Calendar, Jobs Report Next Thursday

AUSSIE BONDS
BulletMarketsFixed Income BulletsHomepage

ACGBs (YM -3.0 & XM -3.5) are holding cheaper after dealing in narrow ranges in today’s Sydney session. With the domestic data calendar light, local participants likely eyed US tsy dealings in today’s Asia-Pac session for directional guidance. Cash US tsys are 1-2bps richer, with a slight steepening bias.

  • (AFR Joye) Equity and fixed-income investors were shocked during the week by the release of the official US inflation data, which confirmed a massive re-acceleration in services (rather than goods) inflation in March, with the annualised trend now running at an incredible 6.5 per cent (or 7.7 per cent if we exclude housing). (See link)
  • Cash ACGBs are 3bps cheaper, with the AU-US 10-year yield differential 3bps lower at -28bps.
  • Swap rates are 3.4bps higher, with the 3s/10s curve steeper.
  • The bills strip has bear-steepened, with pricing -2 to -6.
  • RBA-dated OIS pricing is 4-5bps firmer for 2025 meetings. A cumulative 17bps of easing is priced by year-end.
  • The highlight of next week’s local calendar is the Employment Report for March on Thursday. The calendar is light until then.
  • Next Wednesday, the AOFM plans to sell A$800mn of the 3.00% 21 November 2033 bond.
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.

ACGBs (YM -3.0 & XM -3.5) are holding cheaper after dealing in narrow ranges in today’s Sydney session. With the domestic data calendar light, local participants likely eyed US tsy dealings in today’s Asia-Pac session for directional guidance. Cash US tsys are 1-2bps richer, with a slight steepening bias.

  • (AFR Joye) Equity and fixed-income investors were shocked during the week by the release of the official US inflation data, which confirmed a massive re-acceleration in services (rather than goods) inflation in March, with the annualised trend now running at an incredible 6.5 per cent (or 7.7 per cent if we exclude housing). (See link)
  • Cash ACGBs are 3bps cheaper, with the AU-US 10-year yield differential 3bps lower at -28bps.
  • Swap rates are 3.4bps higher, with the 3s/10s curve steeper.
  • The bills strip has bear-steepened, with pricing -2 to -6.
  • RBA-dated OIS pricing is 4-5bps firmer for 2025 meetings. A cumulative 17bps of easing is priced by year-end.
  • The highlight of next week’s local calendar is the Employment Report for March on Thursday. The calendar is light until then.
  • Next Wednesday, the AOFM plans to sell A$800mn of the 3.00% 21 November 2033 bond.