FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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

NZGBS: Cheaper After Q2 CPI Upside Surprise

BONDS

NZGBs are 4bp cheaper after Q2 headline CPI surprises slightly on the upside with a print of +1.1% q/q (+6.0% y/y) versus expectations of +0.9% (+5.9% y/y) and +1.2% (+6.7% y/y) prior. The print was however in line with the RBNZ’s forecast.

  • Importantly, non-tradeable CPI also printed higher than expected at +1.3% q/q versus expectations of +1.0% and +1.7% prior. The print nevertheless was the lowest quarterly rise since Q2 2021.
  • Swap rates are 4-6bp higher with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is flat to 4bp firmer across meetings after the CPI data. Terminal OCR expectations firm to 5.65% from 5.64% yesterday.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.