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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Weaker, Off Worst Levels, US Earnings Watch
ACGBs sit weaker (YM -5.0 & XM -5.0) but off worst levels as US Tsys firm slightly in Asia-Pac trade. Cash ACGB benchmark yields are 4-5bp higher with the AU-US 10-year yield differential -3bp at -14bp.
- Swaps are 5-6bp cheaper with the 3s10s curve 1bp flatter.
- Bills strip is steeper with pricing -2 to -11.
- RBA dated OIS is 3-5bp firmer for meetings beyond June with Feb-24 leading. May meeting has a 24% chance of a 25bp hike.
- The local calendar is light this week with tomorrow’s release of the RBA Minutes for April as the highlight. After the RBA left the cash rate unchanged at 3.6% (the first pause in this tightening cycle) the market will be searching for clues on the near-term path of policy.
- The market will continue to eye US earnings season after US Tsys were guided cheaper in trade ahead of the weekend in part due to higher-than-expected large bank earnings. The US economic calendar is relatively this week.
- Participants will continue to be on alert for the launch of the new ACGB Dec-34 after the AOFM revealed on Friday that it aims to issue the line via syndication at some point this week.
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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.