MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

Unemployment Falls To 11.3% In Q2, Driven By Services

1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Weaker NZGBS Start On US TSY Spill Over, Yields Still Sub Early Feb Highs

NEW ZEALAND

The early tone to NZGBS is softer, in line with US Tsy weakness through Wednesday's session. We are 0.6 to 1.5bps firmer in yield terms across the benchmarks. This follows a US move of roughly 3-5bps in Wednesday trade, as the FOMC minutes suggested caution around cutting rates.

  • For NZ, front end yields are higher, with the 2yr above 4.91%, while the 5yr has risen to 4.65%. We are sub mid Feb highs for these benchmarks (in yield terms).
  • In the swap space, the 2yr is around 4bps higher, last near 5.12%, with earlier Feb highs near 5.17% the likely upside focus. The 10yr swap rate is up by a similar amount, last near 4.61%.
  • NZ-US 2yr government bond yield spreads are +27bps, not too far from 2024 lows.
  • On the data front, the Jan trade data showed a wider deficit versus Dec, but market impact has been minimal. Tomorrow, we get Q4 retail sale volumes. Next week is the RBNZ decision.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.