MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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BONDS: NZGBS: Slightly Cheaper, US Tsys Mixed After Headlines Volatility

BONDS
BulletMarketsFixed Income Bullets

In local morning trade, NZGBs are flat to 2bps cheaper after US tsys finished slightly mixed, with the curve steeper. 

  • Headlines continue to rattle markets & squelch sentiment: US tsys & stocks had gapped lower on the overnight open after President Trump announced 25% tariffs on all imported steel and aluminium into the US. Markets recovered from early overnight lows as details on last Friday's vague reciprocal tariff implementation appear to be delayed until later in the week. The USD index is holding onto modest gains.
  • Risk-off sentiment reemerged as Israeli/Hamas hostage transfers appear to have hit a snag with both sides accusing each other of breaching ceasefire/transfer agreements.
  • Focus turns to Fed Chairman Powell's testimony to the Senate Banking Committee today at 1000ET (text, Q&A)
  • Swap rates are flat to 1bp lower, with the 2s10s steeper.
  • RBNZ dated OIS pricing is unchanged. 48bps of easing is priced for February, with a cumulative 120bps by November 2025.
  • Today, the local calendar is empty. The next event is a State of the Economy presentation by Treasury Chief Economic Adviser Dominick Stephens tomorrow. The next data release is Card Spending on Thursday. 
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In local morning trade, NZGBs are flat to 2bps cheaper after US tsys finished slightly mixed, with the curve steeper. 

  • Headlines continue to rattle markets & squelch sentiment: US tsys & stocks had gapped lower on the overnight open after President Trump announced 25% tariffs on all imported steel and aluminium into the US. Markets recovered from early overnight lows as details on last Friday's vague reciprocal tariff implementation appear to be delayed until later in the week. The USD index is holding onto modest gains.
  • Risk-off sentiment reemerged as Israeli/Hamas hostage transfers appear to have hit a snag with both sides accusing each other of breaching ceasefire/transfer agreements.
  • Focus turns to Fed Chairman Powell's testimony to the Senate Banking Committee today at 1000ET (text, Q&A)
  • Swap rates are flat to 1bp lower, with the 2s10s steeper.
  • RBNZ dated OIS pricing is unchanged. 48bps of easing is priced for February, with a cumulative 120bps by November 2025.
  • Today, the local calendar is empty. The next event is a State of the Economy presentation by Treasury Chief Economic Adviser Dominick Stephens tomorrow. The next data release is Card Spending on Thursday.