Daily Flows
- As expected, activity was quiet yesterday, with most flows resulting from rollovers.
- Across TDs and NCDs, maturities were kept short at 3-month tenors, with rates ranging from 4.98% to 4.85%.
- In the fixed income space, a pending CBA issuance for 3- and 5-year tenors appears imminent.
Markets Update
- There was second-tier data for markets to digest overnight from the U.S.
- Initial jobless claims for the week increased to 211K, and the S&P U.S. Manufacturing PMI final print was 49.4.
- The initial jobless claims figure may stoke some inflation concerns but should be viewed in the context of other inflationary data points.
- The combination of potential Trump tariffs and weakness in China continues to weigh on markets, with the Australian dollar sitting at USD 62.02, a two-year low.
- This morning, Australian equities have remained in the green, following declines in the U.S. overnight, primarily driven by Tesla.
