MNI BRIEF: China Q2 GDP Impacted By Bad Weather - NBS

MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1313 Mon; -1.35% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

Q2 GDP Below Expectations, Consumer Side Still Appears Soft

CHINA JUN INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.0% Y/Y: NBS

CHINA Q2 2024 REAL GDP +4.7% Y/Y VS MEDIAN +5.0% Y/Y: NBS

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

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

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

Drifted Cheaper, No Cash US Tsy Trading In Asia-Pac Today

AUSSIE BONDS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

ACGBs (YM flat & XM -2.0) have ground cheaper throughout today’s Sydney session.

  • With the domestic calendar largely empty until Thursday’s release of the June Employment Report, the local market has drifted weaker.
  • Expectations of sustained strong pricing at today's Jun-51 auction proved accurate, as the weighted average yield printed through prevailing mids and the cover ratio printed around levels seen at recent longer-dated auctions.
  • After today’s supply, the AOFM plans to sell another A$500mn of the 3.00% 21 November 2033 bond on Wednesday and A$700mn of the 2.75% 21 November 2027 bond on Friday.
  • Cash ACGBs are flat to 2bps cheaper.
  • The cash AU-US 10-year yield differential, currently at +16bps, is at its highest level since February. This places it in the upper half of the +/-30bps range observed since November 2022. However, it's worth noting that cash US tsys are not trading during today's Asia-Pac session due to a public holiday in Japan.
  • Swap rates are 1-2bps higher, with the 3s10s curve steeper.
  • The bills strip is little changed, with pricing flat to +1.
  • RBA-dated OIS pricing is flat to 2bps softer for 2025 meetings. Terminal rate expectations drop to 4.42% versus its recent high of 4.52%.
  • Tomorrow, the local calendar will see the Westpac Leading Index.
209 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 flat & XM -2.0) have ground cheaper throughout today’s Sydney session.

  • With the domestic calendar largely empty until Thursday’s release of the June Employment Report, the local market has drifted weaker.
  • Expectations of sustained strong pricing at today's Jun-51 auction proved accurate, as the weighted average yield printed through prevailing mids and the cover ratio printed around levels seen at recent longer-dated auctions.
  • After today’s supply, the AOFM plans to sell another A$500mn of the 3.00% 21 November 2033 bond on Wednesday and A$700mn of the 2.75% 21 November 2027 bond on Friday.
  • Cash ACGBs are flat to 2bps cheaper.
  • The cash AU-US 10-year yield differential, currently at +16bps, is at its highest level since February. This places it in the upper half of the +/-30bps range observed since November 2022. However, it's worth noting that cash US tsys are not trading during today's Asia-Pac session due to a public holiday in Japan.
  • Swap rates are 1-2bps higher, with the 3s10s curve steeper.
  • The bills strip is little changed, with pricing flat to +1.
  • RBA-dated OIS pricing is flat to 2bps softer for 2025 meetings. Terminal rate expectations drop to 4.42% versus its recent high of 4.52%.
  • Tomorrow, the local calendar will see the Westpac Leading Index.