Daily Flows

• Today, TCV has launched a 7-year floating-rate Benchmark bond with an initial price guidance of +40-42.
• Investors continue to add fixed duration to their portfolios and take advantage of elevated reference rates, with significant flow directed to durations of 3 years and beyond.
• Those willing to deposit with Foreign branch banks have been rewarded with outright levels of 6-month NCDs close to 5.30%.

Service Activity Remains Expansionary In Australia

• Private sector activity in Australia accelerated in Q2 2024, primarily driven by growth in the service sector, resulting in a third consecutive month of expansion.
• Higher new business inflows supported rises in business activity and employment, with firms remaining optimistic about future output.
• Despite higher input cost inflation, the rate of output price inflation eased in April.
• Input prices rose at a quicker rate, attributed to rising cost inflation, but firms attempted to partially absorb cost increases, leading to softer output price inflation.