MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Weaker, At Cheaps, RBA Minutes Tomorrow

AUSSIE BONDS

ACGBs are weaker (YM -8.0 & XM -7.5), near session cheaps, after trading in a relatively narrow range for the Sydney session. Without meaningful economic data or headlines, the local market has traded in sympathy with US tsys, ahead of a heavy domestic calendar. US tsys are little changed in Asia-Pac trade, holding near cheaps seen in the NY session ahead of the weekend.

  • Cash ACGBs are 7-8bp cheaper with the AU-US 10-year yield differential unchanged at -7bp.
  • Swap rates are 7-8bp higher with the 3s10s curve flatter.
  • The bills strip has bear steepened with pricing -5 to -11.
  • RBA dated OIS are 2-9bp firmer across meetings with late ‘23/early ’24 leading. A 16% chance of a 25bp hike is priced for June. the expected terminal rate has moved back to 3.96%, just shy of the post-May hike high of 3.97%. The move higher in terminal rate expectations has been assisted by a firming in US STIR, which troughed ahead April non-farm payrolls.
  • The local calendar heats up tomorrow with the release of RBA Minutes for May, ahead of Q1 Wage Price Index (Wed) and the April Employment (Thu).
  • Further afield, the global calendar is light ahead of tomorrow’s data dump in China, the Euro Area's Q1 GDP and US Retail Sales.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.