BONDS: NZGBS: Bull-Flattener But Swap Curve Remains At Highs
Jan-07 04:03
NZGBs closed showing a bull-flattening, with benchmark yields flat to 2bps. * NZ-US and NZ-AU 10-ye...
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MNI: CHINA NOV EXPORTS +5.9% Y/Y VS MEDIAN +4.0% Y/Y: CUSTOMS
Dec-08 03:54
- CHINA NOV EXPORTS +5.9% Y/Y VS MEDIAN +4.0% Y/Y: CUSTOMS
- CHINA NOV IMPORTS +1.9% Y/Y VS MEDIAN +2.9% Y/Y: CUSTOMS
- CHINA NOV TRADE SURPLUS +$111.68 BLN VS MEDIAN +$103.3 BLN
CHINA: Bond Futures Weak Monday
Dec-08 03:49
- Bond futures are lower Monday with the 10-Yr leading.
- Down -0.10 at 107.79, the 10-Yr remains below all major moving averages. The 20-day EMA is nearest at 108.01
- The 2-Yr is down -0.01 at 102.408 and is at the mid-point between the upper resistance of the 100-day EMA at 102.42 and the 20-day EMA below at 102.40.
- Yields have crept higher in cash with the CGB 10-YR at 1.843% (+1bps today)
- China's November exports surprised to the upside, pushing hopes of cuts in monetary policy further into 2026.
CHINA: November Exports Rebound, Trade Surplus $111bn
Dec-08 03:26
- After the sudden contraction in October, November exports rebounded strongly topping expectations.
- November exports expanded +5.9%, above estimates of +4.0% and beating October's result of -1.1%
- The decline in October is attributed to shipments being brought forward ahead of the Trump Xi meeting, shipments being front loaded ahead of the holiday period and base effect.
- Imports missed estimates with a rise of +1.9%, versus estimates of 3.0% and prior of 1.0%
- This left China with a trade balance ahead of estimates at US$111.6bn at a time when French President Emmanuel Macron warned that the European Union may be forced to take “strong measures” against China, including potential tariffs, if Beijing fails to address its widening trade imbalance with the bloc.
- Despite some signs of a softening in economic data, the strength in exports will remain highly supportive of China achieving it's stated 5% GDP growth for 2025 and likely dampen calls for further monetary policy stimulus in the near term.
