NEW ZEALAND: PMI Down In August, But Q3 TO Date Average Still Above Q2 Pace
The New Zealand manufacturing PMI fell back into contractionary territory in August. The 49.9 print compares with 52.8 for July. The index is still above recent lows (47.6 recorded in May), but continues the stop/start nature of NZ sentiment indicators.
- The average read for Q3 to date is 51.35, up from Q2's average of 50.0, while the Q1 average for the PMI was 52.7.
- For August the production index fell to 46.6, but new orders improved to 55.2.
- The chart below overlays the PMI against the NZ GDP y/y print. The choppy but higher PMI levels is still implying some improvement in GDP momentum.
Fig 1: NZ PMI Versus NZ GDP Y/Y
Source: BNZ- Business NZ/Bloomberg Finance L.P./MNI
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JGB TECHS: (U5) CPI Spells Vol
- RES 3: 147.74 - High Jan 15 and bull trigger (cont)
- RES 2: 146.53 - High Aug 6
- RES 1: 141.48/142.95 - High May 2 / High Apr 7
- PRICE: 138.39 @ 15:53 BST Aug 12
- SUP 1: 137.32 - Low Jul 25
- SUP 2: 136.57 - 1.382 proj of the Jan 28 - Feb 20 - Feb 26 bear leg
- SUP 3: 134.89 - 2.000 proj of the Jan 28 - Feb 20 - Feb 26 bear leg
JGBs rallied sharply alongside global bond markets on the back of the July CPI print, but have since settled lower. The first important resistance to watch remains 141.48, the May 2 high. A break of this level would be viewed as an early bullish signal. A return lower would signal scope for an extension towards 136.57, a Fibonacci projection.
ASIA: Government Bond Issuance Today
- Bank of Korea to Sell KRW700bn 1-Year Bonds
- Hong Kong to Sell HK$1.0 Billion 5-year Bonds On Aug. 13
- Hong Kong to Sell HK$1.5 Billion 1-year Bonds On Aug. 13
- Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
- Vietnam To Sell VND 7.0Tln 2035 Bonds; (TD2535028)
- Vietnam To Sell VND 3.0Tln 2040 Bonds; (TD2540037)
- Vietnam To Sell VND 0.5Tln 2032 Bonds; (TD2532017)
- Vietnam To Sell VND 0.5Tln 2045 Bonds; (TD2545046)
- Vietnam To Sell VND 0.5Tln 2030 Bonds; (TD2530010)
- Hong Kong to Sell HK$1.25 Billion 2.7% 2030 Bonds
- Bank Indonesia to Sell 273D SUVBI Bills
- Bank Indonesia to Sell 31D SUVBI Bills
- Bank Indonesia to Sell 94D SUVBI Bills
- Bank Indonesia to Sell 187D SUVBI Bills
- Bank Indonesia to Sell 368D SUVBI Bills
- China to Sell CNY20bn 63-Day Bills
- India to Sell INR60bn 182-Day Bills on Aug. 13
- India to Sell INR100bn 91-Day Bills on Aug. 13
- India to Sell INR50bn 364-Day Bills on Aug. 13
- South Korea to Sell KRW2tn 28-Day Financial Bills
ASIA: Coming Up in Asia Today
| South Korea Unemployment rate SA | 0:00 | 7:00 | 9:00 |
| South Korea Bank Lending To Household Total | 4:00 | 11:00 | 13:00 |
| South Korea Money Supply L SA MoM | 4:00 | 9:00 | 13:00 |
| South Korea Money Supply M2 SA MoM | 4:00 | 11:00 | 13:00 |
| BoT Benchmark Interest Rate | 8:00 | 15:00 | 17:00 |
source: Bloomberg Finance LP / MNI
