Jason Wong
Global rates push higher. Nerves ahead of Fed meeting in 24 hours, much higher than expected Canadian CPI inflation data and higher oil prices not helping. Further recovery in global dairy prices at the overnight GDT auction
20th Sep 23, 7:49am
Global rates push higher. Nerves ahead of Fed meeting in 24 hours, much higher than expected Canadian CPI inflation data and higher oil prices not helping. Further recovery in global dairy prices at the overnight GDT auction
A quiet start to a busy week, with Fed, BoE and BoJ meetings later in the week. US Treasuries curve flattens; BIS warns of growing leverage in the market
19th Sep 23, 7:51am
A quiet start to a busy week, with Fed, BoE and BoJ meetings later in the week. US Treasuries curve flattens; BIS warns of growing leverage in the market
US economic data play to soft landing narrative. Oil prices continue to rise. US Treasury yields push higher. EUR and GBP weaker after ECB's dovish hike
15th Sep 23, 7:56am
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US economic data play to soft landing narrative. Oil prices continue to rise. US Treasury yields push higher. EUR and GBP weaker after ECB's dovish hike
Oil prices up to a 10-month high on signs of a tightening market. Global rates well contained ahead of key US CPI data tonight, with higher petrol prices likely to push inflation higher
13th Sep 23, 7:46am
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Oil prices up to a 10-month high on signs of a tightening market. Global rates well contained ahead of key US CPI data tonight, with higher petrol prices likely to push inflation higher
Bank of Japan comments drive stronger yen and 10-year JGB yield to highest level since 2014. Not coincidentally, PBoC sets a much stronger CNY fix. Positive spillover effects for NZD and AUD
12th Sep 23, 7:40am
Bank of Japan comments drive stronger yen and 10-year JGB yield to highest level since 2014. Not coincidentally, PBoC sets a much stronger CNY fix. Positive spillover effects for NZD and AUD
Global rates lower across the board, lower than expected US jobless claims data. The yuan weakens to a 16-year low; no spillover for NZD and AUD which hold up against robust USD. EUR and GBP fall to three-month lows; JPY supported by lower rates backdrop
8th Sep 23, 7:50am
Global rates lower across the board, lower than expected US jobless claims data. The yuan weakens to a 16-year low; no spillover for NZD and AUD which hold up against robust USD. EUR and GBP fall to three-month lows; JPY supported by lower rates backdrop
Weak China Caixin services PMI triggers fall in Asia-Pacific currencies and broad USD strength. Oil prices up to fresh high for the year on extended production/export cuts. GDT dairy auction shows a rare lift in pricing
6th Sep 23, 7:55am
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Weak China Caixin services PMI triggers fall in Asia-Pacific currencies and broad USD strength. Oil prices up to fresh high for the year on extended production/export cuts. GDT dairy auction shows a rare lift in pricing
Early signs of recovery in Beijing and Shanghai property markets after policy easing. US equity futures down a touch; US Treasury futures point to small lift in rates
5th Sep 23, 7:46am
Early signs of recovery in Beijing and Shanghai property markets after policy easing. US equity futures down a touch; US Treasury futures point to small lift in rates
Global rates push lower, led by European yields as some tightening priced in is pared back. New policies announced to help revive China's property market. CNY and JPY stronger, EUR and GBP weaker; NZD and AUD range-trade
1st Sep 23, 7:59am
Global rates push lower, led by European yields as some tightening priced in is pared back. New policies announced to help revive China's property market. CNY and JPY stronger, EUR and GBP weaker; NZD and AUD range-trade
US data much weaker than expected, showing much easier labour market conditions and lower consumer confidence. Markets cheer the data, reducing pricing for further rate hikes; US Treasury yields fall significantly
30th Aug 23, 7:45am
US data much weaker than expected, showing much easier labour market conditions and lower consumer confidence. Markets cheer the data, reducing pricing for further rate hikes; US Treasury yields fall significantly
Global risk sentiment supported by China's measures to "invigorate capital markets and boost investor activity". Global equities push higher; UST yields well contained, modestly lower
29th Aug 23, 7:34am
Global risk sentiment supported by China's measures to "invigorate capital markets and boost investor activity". Global equities push higher; UST yields well contained, modestly lower
US initial jobless claims data in sign of lingering labour market reslience. US Treasury yields higher, US equities lower and broad-based recovery in the USD
25th Aug 23, 8:03am
US initial jobless claims data in sign of lingering labour market reslience. US Treasury yields higher, US equities lower and broad-based recovery in the USD
US 10-year rate touches a fresh 16-year high before consolidating. Currency markets well contained. NZ-global rate spreads higher; NZGBs out of favour, seeing bond-swap spread head deeper into negative territory, a rare event
23rd Aug 23, 7:50am
US 10-year rate touches a fresh 16-year high before consolidating. Currency markets well contained. NZ-global rate spreads higher; NZGBs out of favour, seeing bond-swap spread head deeper into negative territory, a rare event
US Treasuries record new milestones, with the real 10-year rate up through 2% and the nominal 10-year rate as high as 4.35%. NZGBs underperform, not helped by expectations of more bond supply adding to the current tsunami of supply
22nd Aug 23, 7:40am
US Treasuries record new milestones, with the real 10-year rate up through 2% and the nominal 10-year rate as high as 4.35%. NZGBs underperform, not helped by expectations of more bond supply adding to the current tsunami of supply
Global rates continue to rise, led by the long end; US 10-year rate trades high; NZ 10-year rate closes at 5.05%, highest level since 2011. Weaker yuan drags down NZD and AUD to fresh lows before Chinese state intervention provides some relief
18th Aug 23, 7:40am
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Global rates continue to rise, led by the long end; US 10-year rate trades high; NZ 10-year rate closes at 5.05%, highest level since 2011. Weaker yuan drags down NZD and AUD to fresh lows before Chinese state intervention provides some relief
Strong US retail sales; strong UK wage inflation; poor China activity data and surprise PBoC rate cut; strong Japan GDP, and another poor GDT dairy auction. NZD resilient under the circumstances
16th Aug 23, 7:56am
Strong US retail sales; strong UK wage inflation; poor China activity data and surprise PBoC rate cut; strong Japan GDP, and another poor GDT dairy auction. NZD resilient under the circumstances
Sentiment on China remains pessimistic. Large shadow bank under the spotlight after missed bond payments. UST 10yr rate hits fresh high for the year. NZGB 10-year yield closed at its highest level since 2011
15th Aug 23, 7:41am
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Sentiment on China remains pessimistic. Large shadow bank under the spotlight after missed bond payments. UST 10yr rate hits fresh high for the year. NZGB 10-year yield closed at its highest level since 2011
Another benign US CPI result, core up 0.16% m/m, adding to the case that the Fed tightening cycle might be done. Tepid 30-year US bond auction drags up long end of the curve
11th Aug 23, 7:48am
Another benign US CPI result, core up 0.16% m/m, adding to the case that the Fed tightening cycle might be done. Tepid 30-year US bond auction drags up long end of the curve
Risk appetite weaker following poor China trade data, Moody's ratings downgrades of US banks and windfall tax on bank profits proposed by Italy. Global rates lower. USD enjoys safe-haven flows
9th Aug 23, 7:53am
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Risk appetite weaker following poor China trade data, Moody's ratings downgrades of US banks and windfall tax on bank profits proposed by Italy. Global rates lower. USD enjoys safe-haven flows
Higher US equities, global rates curves re-steepen, US 10-year rate pushes higher. NZD flat around 0.61; yen the weakest of the majors. US government shutdown chatter restarts
8th Aug 23, 7:49am
Higher US equities, global rates curves re-steepen, US 10-year rate pushes higher. NZD flat around 0.61; yen the weakest of the majors. US government shutdown chatter restarts
Markets took direction from the weaker than expected US payrolls data amid the mixed signals. Their jobless rate dipped to 3.5% and average hourly earnings were stronger than expected. The USD fell sharply as did UST yields
7th Aug 23, 7:15am
Markets took direction from the weaker than expected US payrolls data amid the mixed signals. Their jobless rate dipped to 3.5% and average hourly earnings were stronger than expected. The USD fell sharply as did UST yields
Global bond market selloff continues overnight; US 10-year rate up to almost 4.2%, a fresh high for the year; curve steepens for 8th consecutive day. BoJ steps in again to contain rise in 10-year JGB yield
4th Aug 23, 8:01am
Global bond market selloff continues overnight; US 10-year rate up to almost 4.2%, a fresh high for the year; curve steepens for 8th consecutive day. BoJ steps in again to contain rise in 10-year JGB yield
Another strong US ADP payrolls print. US Treasuries curve steepens (again); 10-year rises to fresh high for the year, peaking at 4.12% overnight. USD well supported in a weaker risk appetite environment
3rd Aug 23, 7:54am
Another strong US ADP payrolls print. US Treasuries curve steepens (again); 10-year rises to fresh high for the year, peaking at 4.12% overnight. USD well supported in a weaker risk appetite environment
US Treasury yields higher, led by the long end of the curve. Sentiment on increased supply and BoJ's move last week probably not helping. GDT dairy auction poor
2nd Aug 23, 8:04am
US Treasury yields higher, led by the long end of the curve. Sentiment on increased supply and BoJ's move last week probably not helping. GDT dairy auction poor
Chinese equities advanced with officials announcing more measures to support the construction sector and boost consumption. The Bank of Japan announced an unscheduled bond purchase operation to slow the move higher in JGB yields
1st Aug 23, 7:55am
Chinese equities advanced with officials announcing more measures to support the construction sector and boost consumption. The Bank of Japan announced an unscheduled bond purchase operation to slow the move higher in JGB yields