MNI BRIEF: Japan Dec Factor Output Hits 1st Rise in 2 Months

MNI BRIEF: Japan Jan Tokyo Core CPI Rises 2.5% Vs. Dec +2.4%

MNI JAPAN DEC FACTORY OUTPUT +0.3% M/M; NOV -2.2%

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100 BPS TO 13.25%

MNI: Fed Statement Comparison - January vs. December

MNI INTERVIEW2: New NBH Chief Must Clarify Reaction Function

MNI JAPAN DEC RETAIL SALES +3.7% Y/Y; NOV +2.8%

MNI JAPAN DEC FACTORY OUTPUT +0.3% M/M; NOV -2.2%

MNI JAPAN DEC JOBLESS RATE FALLS TO 2.4% FROM NOV 2.5%

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BONDS: NZGBS: Closed At Session Cheaps After Trump Tariff Talk Weighs

BONDS
BulletMarketsFixed Income Bullets

NZGBs closed at the session’s worst levels, slightly cheaper with yields 1bp lower to 2bps higher. Yields had been as much as 4bps lower early in the session. 

  • With domestic data second-tier (home values and consumer confidence), the primary driver of the reversal was US tsys. Cash US tsys are cheaper following Trump tariff headlines, with the 3yr underperforming, up 3bps at 4.27%. The 10yr is +2bps at 4.54%.
  • In addition to the 25% tariffs on Canada & Mexico, Trump mentioned he will impose tariffs on BRICS if they look to replace the USD in international trade.
  • Focus also turns to the Fed coming out of the media Blackout and next week's key CPI & PPI inflation metrics ahead of the headline Employment data for January on Friday.
  • The swap curve closed with a twist-steepener, with rates 1bp lower to 1bp higher.
  • RBNZ dated OIS pricing closed flat to 5bps softer across meetings. 48bps of easing is priced for February, with a cumulative 123bps by November 2025.
  • The local calendar is empty on Monday.
169 words

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.

NZGBs closed at the session’s worst levels, slightly cheaper with yields 1bp lower to 2bps higher. Yields had been as much as 4bps lower early in the session. 

  • With domestic data second-tier (home values and consumer confidence), the primary driver of the reversal was US tsys. Cash US tsys are cheaper following Trump tariff headlines, with the 3yr underperforming, up 3bps at 4.27%. The 10yr is +2bps at 4.54%.
  • In addition to the 25% tariffs on Canada & Mexico, Trump mentioned he will impose tariffs on BRICS if they look to replace the USD in international trade.
  • Focus also turns to the Fed coming out of the media Blackout and next week's key CPI & PPI inflation metrics ahead of the headline Employment data for January on Friday.
  • The swap curve closed with a twist-steepener, with rates 1bp lower to 1bp higher.
  • RBNZ dated OIS pricing closed flat to 5bps softer across meetings. 48bps of easing is priced for February, with a cumulative 123bps by November 2025.
  • The local calendar is empty on Monday.