BONDS: NZGBS: Slightly Richer As Early Cheapening Reversed
Jan-09 03:33
NZGBs closed 1-3bps richer, with a steeper 2/10 curve, after dealing 3bps cheaper early. With the local calendar empty, price swings can be traced back to a 2-3bp richening in cash US tsys in today’s Asia-Pac session.
- Reminder: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025. Sole US data today: Challenger Job Cuts at 0730ET; Several Fed speakers throughout the day.
- Swap rates are 1-3bps higher.
- On a relative basis, NZGBs underperformed slightly with the NZ-US and NZ-AU 10-year yield differentials ~1bp wider.
- Swap rates closed 1-3bps lower, with the 2s10s curve steeper.
- RBNZ dated OIS pricing closed flat to 4bps softer. 51bps of easing is priced for February, with a cumulative 129bps by November 2025.
- The local calendar is empty tomorrow. The next data release is Monday, with Building Permits and Filled Jobs on tap.
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RBA SAYS SOME UPSIDE INFLATION RISKS HAVE EASED.
Dec-10 03:33
- RBA SAYS SOME UPSIDE INFLATION RISKS HAVE EASED.
MNI: RBA LEAVES CASH RATE AT 4.35%
Dec-10 03:30
- MNI: RBA LEAVES CASH RATE AT 4.35%
ASIA STOCKS: South Korea Sees Largest Inflow Since Turmoil Began
Dec-10 03:24
- South Korea, Taiwan and Indonesia saw positive flows whilst the rest continue to experience outflows
- South Korea: Recorded inflows of +$218m yesterday, bringing the 5-day total to +$65m. YTD flows remain positive at +$4.016bn. The 5-day average is +$13m, the 20-day average is -$141m and the 100-day average of -$158m.
- Taiwan: Experienced inflows of +$144m yesterday, with total inflows of +$2,201m over the past 5 days. YTD flows are negative at -$16.151bn. The 5-day average is +$440m, the 20-day average of -$240m and the 100-day average of -$198m.
- India: Saw outflows of -$93m as of Friday, with a total inflow of +$2,910m over the previous 5 days. YTD inflows stand at +$4.261bn. The 5-day average is +$582m, the 20-day average of +$97m and the 100-day average of -$9m.
- Indonesia: Posted inflows of +$19m yesterday, bringing the 5-day total to +$166m. YTD flows remain positive at +$1.552b. The 5-day average is +$33m, the 20-day average is -$34m the 100-day average of +$17m.
- Thailand: Recorded outflows of -$52m as of yesterday, totaling -$92m over the past 5 days. YTD flows are negative at -$3.916bn. The 5-day average is -$18m, the 20-day average of -$16m the 100-day average of -$6m.
- Malaysia: Experienced outflows of -$21m yesterday, contributing to a 5-day outflow of -$136m. YTD flows stand at -$497m. The 5-day average is -$27m, the 20-day average of -$38m the 100-day average of -$6m.
- Philippines: Saw outflows of -$2m yesterday, with net outflows of -$33m over the past 5 days. YTD flows are negative at -$340m. The 5-day average is -$7m, the 20-day average of -$12m the 100-day average of +$2m.
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