MNI BRIEF: China CPI Expected To Rise Moderately - NBS

MNI BRIEF: China Aug Output, Investment Hit Lowest Of The Year

MNI: PBOC Net Injects CNY138.7 Bln via OMO Saturday

CHINA AUG INDUSTRIAL OUTPUT +4.5% Y/Y VS MEDIAN +4.6% Y/Y: NBS

CHINA PBOC CONDUCTS CNY138.7 BLN VIA 7-DAY REVERSE REPOS SAT

MNI BRIEF: Turkish Central Bank Sees Further Disinflation

EZ/UK Bond Supply Calendar: Slovakia Auction, BoE APF on Monday

MNI BRIEF: China Aug M1 Drops Further To Hit Record Low

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Slightly Richer, June’s Employment Report Tomorrow

AUSSIE BONDS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

ACGBs (YM flat & XM +1.5) are slightly richer and sit near the bottom of today’s ranges. With the domestic calendar light, the local market has drifted with cash US tsys, which are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s solid gains.

  • Today’s lacklustre performance may also reflect some spillover from NZGBs. NZGB benchmarks have cheapened 3-5bps following today’s release of Q2 CPI. While the headline CPI came in moderately lower than expected, the important domestically driven non-tradeables came in slightly higher than the RBNZ expected.
  • June jobs data prints tomorrow and will be watched closely for signs of a pickup in the pace of labour market easing ahead of Q2 CPI due on July 31 and the next RBA meeting on August 6.
  • Even if the unemployment rate prints in line with consensus at 4.1%, the Q2 average will be close to the RBA’s May forecast of 4.0%, but still above Q1.
  • Bloomberg consensus is forecasting a 20k increase in new jobs.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session.
  • Cash ACGBs are 1bp richer, with the AU-US 10-year yield differential at +7bps.
  • Swap rates are 3bps lower.
  • The bills strip has bull-flattened, with pricing flat to +5.
  • RBA-dated OIS pricing is 1-4bps softer across meetings. Terminal rate expectations sit at 4.40%.
216 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

ACGBs (YM flat & XM +1.5) are slightly richer and sit near the bottom of today’s ranges. With the domestic calendar light, the local market has drifted with cash US tsys, which are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s solid gains.

  • Today’s lacklustre performance may also reflect some spillover from NZGBs. NZGB benchmarks have cheapened 3-5bps following today’s release of Q2 CPI. While the headline CPI came in moderately lower than expected, the important domestically driven non-tradeables came in slightly higher than the RBNZ expected.
  • June jobs data prints tomorrow and will be watched closely for signs of a pickup in the pace of labour market easing ahead of Q2 CPI due on July 31 and the next RBA meeting on August 6.
  • Even if the unemployment rate prints in line with consensus at 4.1%, the Q2 average will be close to the RBA’s May forecast of 4.0%, but still above Q1.
  • Bloomberg consensus is forecasting a 20k increase in new jobs.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session.
  • Cash ACGBs are 1bp richer, with the AU-US 10-year yield differential at +7bps.
  • Swap rates are 3bps lower.
  • The bills strip has bull-flattened, with pricing flat to +5.
  • RBA-dated OIS pricing is 1-4bps softer across meetings. Terminal rate expectations sit at 4.40%.