BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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, Narrow Ranges, NZGB Issuance Re-Starts Tomorrow

BONDS

NZGBs closed 2-3bps cheaper and above session lows. The ranges were however relatively narrow, with domestic drivers light on the ground outside of the previously outlined card spending and CoreLogic house prices.

  • For that reason, it is best to view today’s session as being driven by US tsys NY close yesterday and today’s Asia-Pac dealings. Cash bonds are dealing little changed in today’s Asia-Pac session after early weakness. Yesterday, US tsys bear-steepened after Fed Waller pushed back against aggressive rate cut expectations.
  • Outside NZ, there has been little meaningful newsflow in today's session, apart from China's data drop that showed slightly weaker than expected Q4 GDP. It failed to be a market mover.
  • Swap rates closed 1bp lower to 3bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing is flat to 1bp higher. A cumulative 98bps of easing is priced by year-end.
  • Tomorrow, the local calendar sees REINZ House Sales and Food Prices.
  • Tomorrow, the NZ Treasury plans to sell NZ$275mn of the 0.25% May-28 bond, NZ$175mn of the 3.5% Apr-33 bond and NZ$50mn of the 2.75% Apr-37 bond.
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.