LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
Feb-01 06:18
| Date | Time | Country | Event |
| 01-Feb | 0815 | ES | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0845 | IT | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 01-Feb | 0900 | EU | S&P Global Manufacturing PMI (f) |
| 01-Feb | 1000 | EU | HICP (p) / Unemployment |
| 01-Feb | 1000 | IT | HICP (p) |
| 01-Feb | 1130 | EU | ECB's Lane remarks at EIEF |
| 02-Feb | 0745 | FR | Industrial Production |
| 05-Feb | 0700 | DE | Trade Balance |
| 05-Feb | 1000 | EU | PPI |
| 06-Feb | 0700 | DE | Manufacturing Orders |
| 06-Feb | 0830 | EU | S&P Global Final Eurozone Construction PMI |
| 06-Feb | 0900 | IT | ISTAT Business/Consumer Confidence |
| 06-Feb | 0900 | EU | ECB Consumer Expectations Survey |
| 06-Feb | 1000 | EU | Retail Sales |
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LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
Jan-02 06:18
| Date | Time | Country | Event |
| 02-Jan | 0815 | ES | S&P Global Manufacturing PMI |
| 02-Jan | 0845 | IT | S&P Global Manufacturing PMI |
| 02-Jan | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0900 | EU | M3 |
| 02-Jan | 0900 | EU | S&P Global Manufacturing PMI (f) |
| 03-Jan | 0855 | DE | Unemployment |
| 04-Jan | 0630 | DE | North Rhine Westphalia CPI |
| 04-Jan | 0745 | FR | HICP (p) |
| 04-Jan | 0815 | ES | S&P Global Composite/Service PMI |
| 04-Jan | 0845 | IT | S&P Global Composite/Service PMI |
| 04-Jan | 0850 | FR | S&P Global Composite/Service PMI (f) |
| 04-Jan | 0855 | DE | S&P Global Composite/Service PMI (f) |
| 04-Jan | 0900 | DE | Bavaria / Saxony CPI |
| 04-Jan | 0900 | EU | S&P Global Composite/Service PMI (f) |
| 04-Jan | 1300 | DE | HICP (p) |
AUSSIE BONDS: Weak Start To The Year, US Tsy Futures Weigh
Jan-02 04:41
ACGBs (YM -5.0 & XM -6.0) sit weaker, hovering near the lows observed during the Sydney session. In the absence of significant domestic events today, local market participants are relying on US tsy futures as a directional indicator. Notably, US tsy 10-year futures are trading at -0-12+, standing at 112-16, having weakened ahead of the New Year's long weekend.
- Cash ACGBs are 5-6bps cheaper, with the AU-US 10-year yield differential 3bps wider at +14bps. It is important to note however that cash US tsys have not been trading in today's Asia-Pac session due to a public holiday in Japan.
- The swaps curve has bear-steepened, with rates 3-6bps higher. EFPs are 1-2bps tighter.
- The bills strip has bear-steepened, with pricing -3 to -6.
- RBA-dated OIS pricing is 1-5bps firmer across meetings, with November leading.
- Tomorrow, the local calendar sees Judo Bank Composite and Services PMIs.
- Later today, the US calendar sees S&P Global US Manufacturing PMI (Dec F) and November Construction Spending. ISM Manufacturing is due on Wednesday.
EQUITIES: Hong Kong, China Markets Unwind Some Late 2023 Gains
Jan-02 04:19
Regional equities are mostly lower in the first trading day for 2024. This follows a negative finish for US markets in Friday trade last week (albeit after a strong rally prior). US futures in trade today have tracked tight ranges with a slight downside bias. Eminis were last around 4820 (close to flat), while Nasdaq futures were down 0.10%.
- On the downside, the main focus today has been in weakness in Hong Kong and China markets. At the break, the HSI is off 1.45%, while the CSI 300 is down just over 1%.
- This unwinds some of the strong gains seen towards the end of 2023. It also comes despite a stronger than expected Caixin PMI print today, although on Sunday the official manufacturing PMI slipped further into contractionary territory.
- Japan markets remain closed until Thursday.
- South Korea's Kospi is close to flat, while the Kosdaq has risen by 1%. Earlier comments from President Yoon stated that South Korea's stock market is undervalued, while the authorities will also reportedly seek to abolish financial investment income tax. Taiwan's Taiex is off 0.65% at this stage.
- In SEA, Philippines and Thailand markets are both up around 0.7%. Singapore's Strait Times is down 0.30%, despite a firm Q4 GDP beat.
