AUSTRALIA DATA: Higher Q1 Inflation Print But Below Top Of Band
Apr-30 01:34
Q1 trimmed mean CPI printed 0.1pp higher than expected at 0.7% q/q to be up 2.9% y/y, down from the upwardly revised Q4 at 0.6% q/q & 3.3% y/y. Headline rose 0.9% q/q & 2.4% y/y, in line with Q4’s annual rate. March was higher than forecast at 2.4% y/y unchanged from February. More details to follow. See ABS press release here.
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JGBS: Richer With US Tsys As Friday’s Risk-Off Extends
Mar-31 01:34
In Tokyo morning trade, JGB futures are sharply higher, +34 compared to settlement levels.
- Japan's industrial production rebounded at a faster-than-expected pace in February, but the coming U.S. tariffs may weigh on the recovery ahead. Industrial production rose 2.5% in February following January's 1.1% decline.
- Retail sales rose 0.5% m/m (+1.4% y/y) in February; est. -0.2% (+2.5%).
- Cash US tsys are 3-5bps richer in today’s Asia-Pac session as concern over the health of the US economy fuels demand for haven assets. On Friday, a strong risk-off tone pushed the US 10-year 11bp lower ahead of this week's Trump Tariff "Liberation Day" rollout on April 2, not to mention Friday's employment data for March.
- Cash JGBs are flat to 3bps richer across benchmarks, with the belly leading. The benchmark 10-year yield is 2.2bps lower at 1.521% versus the cycle high of 1.596%. 2-year supply is due later today.
- Swap rates are flat to 2bps lower. Swap spreads are mixed.
MNI: **CHINA MAR MANUFACTURING PMI 50.5 VS 50.2 IN FEB
Mar-31 01:33
- **CHINA MAR MANUFACTURING PMI 50.5 VS 50.2 IN FEB
CHINA: Central Bank Injects Liquidity via OMO.
Mar-31 01:23
- The PBOC issued CNY166.7bn of 7-day reverse repo at 1.5% during this morning’s operations.
- Today’s maturities CNY135bn
- Net liquidity injection CNY31.7bn
- The PBOC monitors and maintains liquidity in the interbank system via the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average Index is at 1.68%, from Friday’s close of 2.05%.
- China’s overnight interbank repo rates is 1.72% , from Friday's close of 1.70%
- China’s 7-day interbank repo rate is 2.33%, from Friday’s close of 1.90%
