Jason Wong

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Run of stronger than expected US economic activity data continues. ECB hikes, keeps options open for more. Reports BoJ will tweak of its yield curve control policy

Run of stronger than expected US economic activity data continues. ECB hikes, keeps options open for more. Reports BoJ will tweak of its yield curve control policy

Fed hikes 25bps, the same as the NZ OCR. Fed keeps options open, maintains slight tightening bias. US rates and USD down modestly after Fed Chair spoke

Fed hikes 25bps, the same as the NZ OCR. Fed keeps options open, maintains slight tightening bias. US rates and USD down modestly after Fed Chair spoke

Improved sentiment on China supports risk assets. EUR weaker on soft ECB bank lending survey. US equities continue to rally. Consumer confidence up to 2-year high; Treasury yields push higher ahead of Fed meeting early tomorrow

Improved sentiment on China supports risk assets. EUR weaker on soft ECB bank lending survey. US equities continue to rally. Consumer confidence up to 2-year high; Treasury yields push higher ahead of Fed meeting early tomorrow

US Treasury yields higher as labour market data remain remain too strong for comfort. Global forces and post-CPI afterglow drive NZ rates higher. Strong Australian employment report keeps prospect of further RBA tightening alive

US Treasury yields higher as labour market data remain remain too strong for comfort. Global forces and post-CPI afterglow drive NZ rates higher. Strong Australian employment report keeps prospect of further RBA tightening alive

Lower European rates support US Treasuries. US retail sales report mixed. ECB's usually hawkish Knot hoses down rate hike expectations beyond next week's meeting. German rates fall 10-13bps

Lower European rates support US Treasuries. US retail sales report mixed. ECB's usually hawkish Knot hoses down rate hike expectations beyond next week's meeting. German rates fall 10-13bps

Weaker than expected China activity data drive weaker yuan, spilling over into weaker NZD and AUD. Global rates push lower, NZ rates play catch-up

Weaker than expected China activity data drive weaker yuan, spilling over into weaker NZD and AUD. Global rates push lower, NZ rates play catch-up

Very strong US ADP payrolls and stronger ISM services report keep alive the probability of further Fed hikes; bond market selloff extends. NZ rates up to fresh multi-year highs as well, with more upside pressure likely today

Very strong US ADP payrolls and stronger ISM services report keep alive the probability of further Fed hikes; bond market selloff extends. NZ rates up to fresh multi-year highs as well, with more upside pressure likely today

US Treasuries curve steepens, led by the long end; US 10-year rate up 8bps to a fresh three-month high. NZ rates higher as investors make way for new bond supply; demand solid for syndicated tap of 2033s, despite deteriorating fiscal accounts

US Treasuries curve steepens, led by the long end; US 10-year rate up 8bps to a fresh three-month high. NZ rates higher as investors make way for new bond supply; demand solid for syndicated tap of 2033s, despite deteriorating fiscal accounts

NZD/AUD pushes higher as RBA opts for a pause in the tightening cycle. Market ignored NZ QSBO which was a very monetary policy-friendly report, with significant easing in capacity pressures

NZD/AUD pushes higher as RBA opts for a pause in the tightening cycle. Market ignored NZ QSBO which was a very monetary policy-friendly report, with significant easing in capacity pressures

US ISM manufacturing survey soft, consistent with recession in the sector. But US equities and US Treasury yields push higher in a holiday-shortened session. NZ QSBO today and a finely balanced RBA policy decision

US ISM manufacturing survey soft, consistent with recession in the sector. But US equities and US Treasury yields push higher in a holiday-shortened session. NZ QSBO today and a finely balanced RBA policy decision