MNI China Daily Summary: Wednesday, July 10

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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

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NZGBS: Richer As US Tsys Continue Rally From Thursday’s Yield High

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In local morning trade, NZGBs are 2-3bps richer after US tsys continued to rally off last Thursday's 5-month lows, completely recovering from a sell-off on lower-than-expected weekly claims and strong PCE data. Benchmark yields finished 1-5bps lower, ahead of the FOMC Policy Decision on Wednesday.

  • (AFR) US equity markets rose. Early results from the reporting season suggest that over 80 per cent of US companies are beating expectations. First-quarter earnings are now on track to increase by 4.7 per cent from a year ago, compared with the pre-season estimate of 3.8 per cent, according to data compiled by Bloomberg Intelligence.
  • Swap rates are 2-3bps, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is 1-2bps softer across meetings. A cumulative 28bps of easing is priced by year-end.
  • Today, the local calendar will see ANZ Business Confidence & Activity Outlook, ahead of the Q1 Employment Report tomorrow.
  • The RBNZ will close its offer to repurchase NZGBs maturing May 2024 on May 1 at 4pm, according to a notice. RBNZ repurchased NZ$1.28bn of the May 2024 bond.
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In local morning trade, NZGBs are 2-3bps richer after US tsys continued to rally off last Thursday's 5-month lows, completely recovering from a sell-off on lower-than-expected weekly claims and strong PCE data. Benchmark yields finished 1-5bps lower, ahead of the FOMC Policy Decision on Wednesday.

  • (AFR) US equity markets rose. Early results from the reporting season suggest that over 80 per cent of US companies are beating expectations. First-quarter earnings are now on track to increase by 4.7 per cent from a year ago, compared with the pre-season estimate of 3.8 per cent, according to data compiled by Bloomberg Intelligence.
  • Swap rates are 2-3bps, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is 1-2bps softer across meetings. A cumulative 28bps of easing is priced by year-end.
  • Today, the local calendar will see ANZ Business Confidence & Activity Outlook, ahead of the Q1 Employment Report tomorrow.
  • The RBNZ will close its offer to repurchase NZGBs maturing May 2024 on May 1 at 4pm, according to a notice. RBNZ repurchased NZ$1.28bn of the May 2024 bond.