MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

NZGB Curve Flattens Tracking US Tsys, NZ Consumer Confidence Jumps

BONDS

The NZGB curve flattened today, with better buying through the 5-10yr part of the curve, the 10y yield dropped 5bps to 4.356%. There was little in the way of domestic drivers today, yields finished towards session's best, with equities finding some support.

  • NZ consumer confidence increased in July, with the index rising to 87.9. This boost in confidence comes amid expectations of significant interest-rate cuts over the next year. Inflation expectations fell to 3.7%, the lowest since September 2020.
  • The RBNZ is anticipated to start cutting rates soon due to falling inflation, rising unemployment, and a weak economy.
  • RBNZ dated OIS pricing closed relatively stable out to year end today, but soften 2-7bps for 2025 meetings
  • On a relative basis, the NZ-US and NZ-AU 10-year yield differentials continue to hover around their lowest levels since late 2022 at +11bps and +7bps respectively.
  • The 2s10s swaps curve has bull-steepened, with rates 2 to 5bps lower.
  • A 66% chance of a rate cut in August is currently priced in, with a cumulative 84.5% chance of a cut by October, before expectations jump sharply to three 25 bps cuts by year-end.
  • Next week data is light on with just Building Permits & ANZ Business Confidence on Wednesday
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

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.