EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

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MNI China Daily Summary: Thursday, November 21

MNI: GERMANY Q3 FINAL GDP 0.1% Q/Q (VS FCST 0.2%)

MNI: UK OCT RETAIL SALES -0.7% M/M, +2.4% Y/Y

MNI: UK NOV GFK CONSUMER CONFIDENCE INDEX -18

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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NZGBS: Subdued Start To The Week, Light Global Calendar

BONDS

NZGBs are 1bp weaker in early trade after US tsys finished trading ahead of the weekend cheaper. However, US tsys closed off morning lows sparked by stronger-than-expected UoM consumer sentiment data. After the bell, the 2-year and 10-year US tsy benchmark yields were respectively 7bp and 4bp higher.

  • After last week’s policy announcements from the US Fed, the ECB, the BoJ and the PBoC, the start to the week could be subdued with the global calendar light today and the US closed for the Juneteenth holiday.
  • Swap rates are unchanged in early trading with implied swap spreads slightly tighter.
  • RBNZ dated OIS are little changed with terminal OCR expectations at 5.61%.
  • According to a statement on their website, the RBNZ says a public appointment process has begun to find two new external members for the Monetary Policy Committee.
  • The local calendar is slated to release the BusinessNZ Performance Services Index for May today along with May Non-Resident Bond Holdings.
  • There are no Australian economic data releases today.
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