MNI China Daily Summary: Thursday, September 26

MNI BRIEF: China GDP Growth Likely 4.8% In Q3 - BOC

MNI: GERMAN OCTOBER GFK CONSUMER CLIMATE -21.2

MNI: PBOC Net Drains CNY231.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.0354 Thurs; +3.96% Y/Y

CHINA PBOC CONDUCTS CNY292 BLN VIA 14-DAY REVERSE REPOS THURS

EZ/UK Bond Supply Calendar: 5/5/10-Year BTPs / CCTeu Due Friday

US EIA: CRUDE OIL STOCKS EX SPR -4.47M TO 413.0M SEP 20 WK

MNI: US AUG NEW HOME SALES -4.7% TO 0.716M SAAR

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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US TSYS: Off Highs, Upcoming Supply Weighs On A Quieter Docket

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have moved off overnight highs through European hours but with no clear headline drivers. They are moves seen broadly across core FI but with Tsys leading in terms of size.
  • Cash yields sit 1.8-2.9bp higher on the day, with increases led by 5s ahead of $70bn of supply later today. Yesterday’s 2Y auction came in on the screws although details were less favorable with the bid-to-cover and indirect take falling from last month.
  • The new 2Y benchmark after that auction sees curves mechanically steepen further, with 2s10s earlier touching fresh ytd highs of 22.5bps.
  • TYZ4 has eased to session low of 114-22+ (- 04+) off an earlier high of 114-29+ on modest cumulative volumes of 285k. Support is seen at 114-09+ (Sep 24 low) but declines are deemed corrective with resistance at 115-02+ (Sep 19 high) after which lies the bull trigger at 115-03+.
  • Data: MBA mortgages Sep 20 (0700ET), New home sales Aug (1000ET)
  • Fedspeak: Kugler on economic outlook (1600ET) – see STIR bullet
  • Note/bond issuance: US Tsy $28B 2Y FRN re-open (1130ET), US Tsy $70B 5Y Note auction - 91282CLN9 (1300ET)
  • Bill issuance: $62B 17W bill auctions (1130ET)
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  • Treasuries have moved off overnight highs through European hours but with no clear headline drivers. They are moves seen broadly across core FI but with Tsys leading in terms of size.
  • Cash yields sit 1.8-2.9bp higher on the day, with increases led by 5s ahead of $70bn of supply later today. Yesterday’s 2Y auction came in on the screws although details were less favorable with the bid-to-cover and indirect take falling from last month.
  • The new 2Y benchmark after that auction sees curves mechanically steepen further, with 2s10s earlier touching fresh ytd highs of 22.5bps.
  • TYZ4 has eased to session low of 114-22+ (- 04+) off an earlier high of 114-29+ on modest cumulative volumes of 285k. Support is seen at 114-09+ (Sep 24 low) but declines are deemed corrective with resistance at 115-02+ (Sep 19 high) after which lies the bull trigger at 115-03+.
  • Data: MBA mortgages Sep 20 (0700ET), New home sales Aug (1000ET)
  • Fedspeak: Kugler on economic outlook (1600ET) – see STIR bullet
  • Note/bond issuance: US Tsy $28B 2Y FRN re-open (1130ET), US Tsy $70B 5Y Note auction - 91282CLN9 (1300ET)
  • Bill issuance: $62B 17W bill auctions (1130ET)