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Little Changed After Confidence Data, US Tsys & JGBs Cheaper Ahead Of 5Y JGB Supply

AUSSIE BONDS

In roll-impacted trading, ACGBs (YM -0.8 & XM -0.5) are little changed after the release of confidence data.

  • Westpac consumer sentiment fell 1.5% m/m in September, as current conditions declined 3.6% m/m. Is It Time To Buy A Major Household Item also declined by 3% m/m.
  • Meanwhile, Australian business conditions showed ongoing resilience to higher interest rates and elevated price pressures. Business conditions, which measure sales, employment and profitability, rose 2 points to 13 in August and held above the average level since the start of the year, according to National Australia Bank. Confidence was steady at 2 points, implying optimists outnumber pessimists. (See link)
  • US tsys are flat to 1bp cheaper in Asia-Pac trade after being pressured by JGBs during yesterday's session. JGBs are cheaper across the curve ahead of 5-year supply today.
  • Cash ACGBs are flat, with the AU-US 10-year yield differential unchanged at -13bp.
  • Swap rates are 1bp lower across the curve.
  • Bills strip pricing is +1 to -1.
  • RBA-dated OIS pricing is flat to 1bp firmer across meetings, with terminal rate expectations at 4.18%.
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