MALAYSIA: February’s CPI +1.5% in Line with Expectations
Mar-21 04:07
* Malaysia's February CPI was up +1.5% , declining from January's +1.7%. * Core inflation was higher...
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US TSYS: Tsys Futures Stead Ahead Of FOMC Minutes
Feb-19 04:06
- Tsys futures are slightly lower today, ranges are narrow while volumes are low. TU is -00¼ at 102-21⅞, while TY is -00+ 108-26+
- There has been very little in the way of US headlines throughout the session. The RBNZ cut rates for 50bps, while BOJs Takata spoke earlier where he reiterated that the central bank is in a position to adjust policy rates further if the outlook is met. Takata stated that risks of big market moves have been lowered, giving the central bank more flexibility.
- Cash tsys yields are flat to 1bps lower. The 2yr is -0.8bps at 4.297%, while the 10yr is -0.4bps at 4.564%.
- MNI's preview of the Minutes includes what to watch for upon release; MNI's FOMC Hawk-Dove Spectrum, and key highlights of FOMC participant commentary since the January meeting. PDF here
- Later today we have Housing stars, Building Permits, & FOMC meeting minutes
GOLD: Gold Retreats after Hitting New Highs
Feb-19 04:01
- Gold’s relentless rise continued overnight, marching towards $3,000 / ounce.
- Opening the Asian session at $2,935.21, gold moved higher all day to a high of $2,939.65, before slipping back to $2,929.00
- A research report from Goldman Sachs set a revised target for gold to $3,100. The key determinant for the revised price is the resumption of gold purchases by Central Banks globally. (per BBG)
- Vanguard's S&P 500 ETF growth over the last year has taken it to be the largest exchange-traded fund, with nearly $632 billion in assets according to BBG.
- Data released from the State Agency Singapore show that gold shipments from the Southeast Asian nation to the US was over 10 tonnes for the month of January, up 25% from December last year.
- Usually in periods of USD strength gold declines however in recent days the underlying support for gold as a tariff and inflation hedge is evident as it continues to rise.
CHINA: Bond Futures Take a Breather after Yesterday’s Fall.
Feb-19 03:44
- China bond futures are less volatile today after yesterday’s losses.
- China’s 10YR future is down -0.05 to 108.55, whereas China’s 2YR future has regained ground up +0.008 to 102.672.
- The 10YR future was down to a low of 108.30 dropping -0.40 yesterday, before staging a comeback late in the day to finish at 108.6, a fall of -0.18.
- Today’s move sees the 10YR remain below the 50-day EMA of 108.62, with the 100-day EMA at 107.84.
- Having had several sessions where yields moved higher, today sees a stronger day for the CGB 10yr bond, down -1.5bps in yield at 1.70%.
- China’s 2YR future remains around the mid-point between the 100-day EMA of 102.74 and the 200-day EMA of 102.63.
- Economic data out today suggests that the improving trend in house prices stalled in January, likely due to the Lunar New Year Holiday.
- There are mixed fortunes for the key equity indices with the Hang Seng down -0.55%, whilst the CSI 300 is up +0.39%, Shanghai Comp +0.50% and Shenzhen Comp +1.17%.
