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Holding Slightly Cheaper, Narrow Ranges, Little Reaction To Nvidia Results

AUSSIE BONDS

ACGBs (YM -1.0 & XM -2.0) are holding slightly cheaper after dealing in narrow ranges in today’s Sydney session. This comes despite weaker-than-expected 2Q Capex data.

  • Business investment fell 2.2% q/q (estimate +1.0%) in 2Q versus a revised +1.9% in 1Q. Buildings and structures investment fell 3.8% q/q. Equipment, plant and machinery investment fell 0.5% q/q.
  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after yesterday’s modest twist-steepening. 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 flat to 1bp higher.
  • The bills strip is -1 to +1.
  • RBA-dated OIS pricing is little changed. A cumulative 18bps of easing is priced by year-end.
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