EM ASIA CREDIT: Yuexiu Property: June sales lower, negative
(YUEXIU, Ba1neg/NR/BBB-)
"*YUEXIU PROPERTY JUNE CONTRACTED SALES 10.8B YUAN" - BBG
Monthly property sales statistics for June were out after market close yesterday. As shown in the attached chart, sales reached around RMB10.8bn (-29% YoY), with an approximate average selling price of RMB36,860 per sqm. The year to date cushion continues to erode, with end June sales only 11% higher YoY. Overall negative for spreads. In terms of valuations, the YUEXIU 1/31 $ bond is trading close to the local tights.
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AUSTRALIA DATA: Soft Q1 Growth Impacted By Weather Events
GDP grew 0.2% q/q & 1.5% y/y in Australia in Q1 as extreme weather events in the quarter impacted domestic demand and exports. This is lower than Bloomberg consensus but in line with revisions by the big 4 local banks following Tuesday’s net exports, government and inventory data. See ABS press release here. More details to follow.
MNI: AUSTRALIA Q1 GDP +0.2% Q/Q
- MNI: AUSTRALIA Q1 GDP +0.2% Q/Q
- MNI: AUSTRALIA Q1 GDP +1.3% Y/Y
CHINA: Central Bank Withdraws CNY0.6bn via OMO
- The PBOC issued CNY214.9bn of 7-day reverse repo at 1.4% during this morning’s operations.
- Today’s maturities CNY215.5 bn
- Net liquidity withdrawal CNY0.6 bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.40%, from yesterday's close of 1.54%.
- The China overnight interbank repo rate is at 1.41%, from the prior close of 1.41%.
- The China 7-day interbank repo rate is at 1.58%, from the prior close of 1.56%.
