Daily Flows

• Term deposit levels of 5.35% remain available this morning from an A2/BBB+ (equivalent) bank looking to attract funds at the 12 month mark.
• NCD margins of +50 for 3 month BBSW have set the market level heading in to a new week.
• A client is looking to switch out of $20m of non-major bank subordinated paper over the next few weeks – please contact your Curve representative if you are interested in picking up stock at attractive levels.

The Week Ahead

• An interesting run of data prints this week for the Australian market with employment data on Thursday the highlight amidst the release of a number of other indicators.
• Unemployment is tipped to creep up to 3.9% in April from 3.8% the month before, continuing a 6 month trend broken only by February’s surprisingly strong result.
• Wednesday’s Wage Price Index for Q1 is expected to match Q4’s 0.9% MoM result, with annualised levels of 4.2%.
• Later today NAB’s business confidence survey and CBA’s household spending data are released, which will add further colour to the picture that has been painted over the last quarter of businesses and households being stretched by the RBA’s hiking cycle.
• Economists have been backing a slight easing of US inflation ahead of Wednesday’s CPI data, with declines in monthly and annual core inflation to 0.3% and 3.6% respectively.