MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

MNI: CANADIAN NOV BUILDING PERMITS -5.9% MOM

US DEC UNEMPLOYMENT RATE 4.086%

MNI: US DEC NONFARM PAYROLLS +256K; PRIVATE +223K, GOVT +33K

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AUSSIE BONDS: Cheaper On A Subdued Pre-US Payrolls Friday

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -3.0 & XM -4.0) are cheaper and hovering near Sydney session lows on a subdued pre-US payroll Friday. 

  • Outside of the previously outlined household spending, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are slightly richer in today’s Asia-Pac session after yesterday’s modest gains. Nonfarm payrolls growth is seen at circa 160k in December as some recent distortions from hurricanes and strikes are in the rear-view mirror.
  • Cash ACGBs are 2-4bps cheaper with the AU-US 10-year yield differential at -16bps.
  • Swap rates are flat to 1bp higher.
  • The bills strip is -1 across contracts.
  • RBA-dated OIS pricing is flat to 2bps firmer across meetings today. A 25bp rate cut is more than fully priced for April (118%), with the probability of a February cut at 75% (based on an effective cash rate of 4.34%).
  • Monday, the local calendar will see Melbourne Institute Inflation and ANZ-Indeed Job Advertisements data.
  • AOFM Bond issuance will resume next week, with A$800mn of the 3.50% 21 December 2034 bond to be sold on Wednesday and A$700mn of the 2.75% 21 November 2027 bond on Friday. 
184 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 -4.0) are cheaper and hovering near Sydney session lows on a subdued pre-US payroll Friday. 

  • Outside of the previously outlined household spending, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are slightly richer in today’s Asia-Pac session after yesterday’s modest gains. Nonfarm payrolls growth is seen at circa 160k in December as some recent distortions from hurricanes and strikes are in the rear-view mirror.
  • Cash ACGBs are 2-4bps cheaper with the AU-US 10-year yield differential at -16bps.
  • Swap rates are flat to 1bp higher.
  • The bills strip is -1 across contracts.
  • RBA-dated OIS pricing is flat to 2bps firmer across meetings today. A 25bp rate cut is more than fully priced for April (118%), with the probability of a February cut at 75% (based on an effective cash rate of 4.34%).
  • Monday, the local calendar will see Melbourne Institute Inflation and ANZ-Indeed Job Advertisements data.
  • AOFM Bond issuance will resume next week, with A$800mn of the 3.50% 21 December 2034 bond to be sold on Wednesday and A$700mn of the 2.75% 21 November 2027 bond on Friday.