Little Changed As US Tsys Await Payrolls Data, Housing Finance Data Due

ACGBs (YM +1.0 & XM +2.5) are little changed after a subdued NY session for US tsys. US tsy yields finished 1-2bps lower across the major benchmarks, with the wings marginally outperforming. Us tsys observed narrow ranges. The proximity to today's Non-Farm Payrolls data perhaps limited activity in the space. The latest round of US data printed broadly in line, with the core PCE deflator at +4.2% y/y versus +4.1% previously.

• Cash ACGBs opened 1-2bp richer, with the AU-US 10-year yield differential 4bp lower at -11bp.
• Swap rates are 2bp lower.
• The bills strip is little changed, with pricing flat to +2.
• RBA-dated OIS pricing is little changed.
• Australia’s home prices rose 1% m/m (-0.1% y/y) in August, according to the CoreLogic Home Value Index. Sydney +1.1% m/m, +1.2% y/y; Melbourne +0.5% m/m, -2.3% y/y; and Brisbane +1.5% m/m, -3% y/y.
• The CoreLogic report also showed the national rental index climbed 0.5%, a 36th straight monthly increase. The index is up 9% y/y in August, almost three times the decade average.
• Bloomberg reports that Australia’s housing market momentum accelerated in August as demand from a growing population vacuumed up new supply. (See link)
• Today the local calendar sees Housing Finance data for July.
• Elsewhere, China's Caixin Mfg PMI highlights in the Asia session.