MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% Y/Y

Volatile LFS Unemployment Rate Below Consensus In May

7-2 vote increasingly likely; more clarity only likely post-election

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Off Lows, But Comfortably Cheaper

AUSSIE BONDS

Aussie bonds sit a little above session lows after cheapening during early Sydney trade, with spill over from the general gyrations in wider core FI markets at the fore on Monday,

  • Cash ACGBs run 10.5-12.5bp cheaper across the curve, with the 7- to 15-Year zone leading the weakness. YM is -11.5 while XM is -12.5. Elsewhere, the 3-/10-Year box steepened, while Bills run 1 to 16 ticks cheaper through the reds, bear steepening.
  • The latest round of ACGB Jun-51 supply saw no major hiccups, although the cover ratio wasn’t convincing when adjusted for the size of the auction, with overall interest likely limited by well-documented headwinds for demand and inversion in the longer end of the ACGB curve.
  • Tuesday’s local docket will see the release of the flash S&P Global PMI readings and weekly ANZ-Roy Morgan Consumer Confidence data. Also, A$150mn of Nov-32 index-linked paper will be on offer from the AOFM.
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