SOUTH AFRICA: Benign March CPI Data Prompts Forecast Revisions
Apr-24 08:45
Below-forecast CPI data released yesterday prompted several sell-side desks to revise their inflatio...
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AUSTRALIA: Surprise Income Tax Cut in Pre-Election Budget
Mar-25 08:40
Details of that Australian budget release - surprise tax cut, slightly wider deficit vs. Exp
- The budget release surprisingly includes a tax cut - that'll be phased in its introduction: the lowest rate of income tax is to drop by 1ppts to 15% by mid-'26, and then again to 14% by mid'27 (that tax bracket captures those earning A$18,201 - 45,000), allowing the government to state that "every" taxpayer will receive a tax cut both next year, as well as the year after that.
- The total cost of this tax tweak (as well as some other measures) equates to A$17bln. Deficit numbers are projected slightly wider than exp: A$42.1bln through Jun'26 vs. Exp. A$40bln.
- AUD marginally favoured on the back of the release - but ranges well-respected. AUD/USD back to unchanged. Worth recalling this is very much a pre-election budget, with the current government set to call an election by May 17th of this year. Opinion polling is currently too close to call.
EGB OPTIONS: BTP put spread vs call
Mar-25 08:38
IKM5 117/114.5ps vs 119.5c, bought the ps for 81 in ~1.7k.
EURIBOR OPTIONS: Call spread buyer
Mar-25 08:23
ERM5 98.00/98.12cs, bought for 1.25 in 4k.
