MNI China Daily Summary: Tuesday, September 24

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MNI BRIEF: China To Recapitalise Six Large State-owned Banks

MNI BRIEF: PBOC Eyes Stock Market Stabilisation Tools

MNI: GERMANY SEP IFO BUSINESS CLIMATE INDEX 85.4

RBA SAYS BOARD NOT "RULING ANYTHING IN OR OUT"

MNI: RBA HOLDS CASH RATE AT 4.35%

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: Steepening Theme Extends, Aided By Soft European PMIs

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have twist steepened, with soft European PMIs extending last week’s steepening theme. This theme was driven by ded by the Fed’s 50bp cut before a dovish Waller Friday – see our separate post on positioning swings backing this up.  
  • Cash yields are 2.3bp lower (2s) to 0.6bp higher (30s), with 2s10s at 17.7bps (+2.5bp) having earlier set fresh two-year highs at 18.1bps.
  • TYZ4 sits at 114-24 (-03) having remained within Friday’s session throughout, amidst reasonable cumulative volumes of 320k.
  • Friday’s low of 114-16 probed support at 114-23 (20-day EMA) whilst to the upside, a bull trigger is seen at 115-23+ (Sep 11 high).
  • Data: Chicago Fed national activity Aug (0830ET), US mfg, services & composite PMIs Sept prelim (0945ET)
  • Fedspeak: Bostic (0800ET), Goolsbee (1015ET), Kashkari (1300ET) – see STIR for details
  • Bill issuance: US Tsy $76B 13- & $70B 26W bill auctions
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  • Treasuries have twist steepened, with soft European PMIs extending last week’s steepening theme. This theme was driven by ded by the Fed’s 50bp cut before a dovish Waller Friday – see our separate post on positioning swings backing this up.  
  • Cash yields are 2.3bp lower (2s) to 0.6bp higher (30s), with 2s10s at 17.7bps (+2.5bp) having earlier set fresh two-year highs at 18.1bps.
  • TYZ4 sits at 114-24 (-03) having remained within Friday’s session throughout, amidst reasonable cumulative volumes of 320k.
  • Friday’s low of 114-16 probed support at 114-23 (20-day EMA) whilst to the upside, a bull trigger is seen at 115-23+ (Sep 11 high).
  • Data: Chicago Fed national activity Aug (0830ET), US mfg, services & composite PMIs Sept prelim (0945ET)
  • Fedspeak: Bostic (0800ET), Goolsbee (1015ET), Kashkari (1300ET) – see STIR for details
  • Bill issuance: US Tsy $76B 13- & $70B 26W bill auctions