MNI China Daily Summary: Wednesday, January 22

MNI BRIEF: China Iron Ore Imports To Remain Positive In 2025

MNI BRIEF: China To Boost Long-term Funds For Equity Market

MNI BRIEF: China To Maintian Communication With U.S. - MOFA

MNI JAN CHINA MONEY MARKET INDEX 24.4 VS DEC 36.0

MNI: PBOC Net Injects CNY198 Bln via OMO Wednesday

EZ/UK Bond Supply Calendar: France, UK Auction on Thursday

MNI: US REDBOOK: JAN STORE SALES +4.2% V YR AGO MO

MNI: CANADA DEC INDUSTRIAL PRICES +0.2% MOM; EX-ENERGY +0.4%

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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NZGBs Slightly Richer, Curve Little Changed, BusinessNZ PMI Rises

BONDS

NZGBs are 1-2bps richer, with the curve little changed. It has been a very slow day in the rates market here in Asia, US Tsys futures are little changed. Earlier, we had BusinessNZ Manufacturing PMI for April came in at 48.9 up from 46.8 in March.

  • US Treasury futures looked to test overnight highs earlier, before paring gains with the 10Y contract trading down (- 03+) at 108-31+, there have been a few block trades going through with a TU-FV-UXY Fly block traded, and a likely block seller of 5Y.
  • The NZGB curve is little changed, yields are about 1bp lower with the 2Y -1.3bps at 4.794% and the 10Y -1bps at 4.714%.
  • Swap rates are 1-2bps lower
  • RBNZ dated OIS is 2-4bps softer out past the August meeting, with a cumulative 42bps of easing is priced by year-end
  • Looking Ahead: Food Prices & 2Yr Inflation Expectation on Monday
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