MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

MNI: UK OCT CPI +0.6% M/M, +2.3% Y/Y

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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Richer After Core CPI Prints Lower Than Expected

AUSSIE BONDS

ACGBs move as much as 2-5bp higher (YM +15.0 & XM +12.5) after trimmed mean CPI prints a lower than expected +1.2% Q/Q and +6.6% Y/Y in Q1 versus expectations of +1.4% and +6.7%. Headline inflation printed a slightly higher than expected 7.0% Y/Y (6.9% estimate), but was down from +7.8% in Q4. Services annual inflation however recorded its largest increase since 2001 driven by higher prices for holiday travel, medical services, rents and restaurants.

  • Cash ACGBs are 2-3bp richer after the data with the 3/10 curve 2bp steeper.
  • The AU/US 10-year yield differential is -3bp at -9bp.
  • Swap rates are similarly 2-3bp lower to be 11-13bp lower on the day.
  • Bills shunt 3-5 richer after the data with the strip flatter and pricing +7 to +14.
  • RBA-dated OIS builds on the morning softening to be 1-2bp softer after the data. The cumulative tightening by August has been reduced to 10bp from 12bp ahead of the data and 22bp ahead of the ANZAC day holiday.
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