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Marginally Richer In Asia, Q3 Wages Due Tomorrow

AUSSIE BONDS

ACGBs sit ~1bp richer across the major benchmarks, XM and YM are little changed from opening levels as narrow ranges persisted for the most part.

  • RBA dated futures are stable, pricing a terminal rate of 4.50% in May 24 with ~10bps of cuts by Dec 24.
  • There were several releases of local data today, Westpac Consumer Confidence fell 2.6% in November to 79.9. NAB Business Conditions ticked higher to 13 from 12, Confidence fell to -2 and the prior read was revised lower to 0.
  • Goldman Sachs noted this morning that they see a near-term upside side of higher inflation and rates but see the RBA on hold before gradual easing in Q4 2024 (BBG).
  • Due tomorrow we have Q3 Wage Price Index, a rise of 1.3% Q/Q is expected, the prior read was 0.8% Q/Q.
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