Reply To: Traders Market Weekly: Treasury Debt and Central Bank Balancing Act


China and Japan saw slight November growth in the services sector, according to latest PMI figures, while Australia’s services sector contracted for the second month in a row.

November Caixin Services PMI 51.5 (expected 50.7; last 50.4)
FT reported that more than eight million borrowers in China are in default, eclipsing a prior record of 5.7 million from early 2020.

November Tokyo CPI 2.6% yr/yr (last 3.3%) and Core CPI 2.3% yr/yr (expected 2.4%; last 2.7%).
November Services PMI 50.8 (expected 51.7; last 51.6)

Japan’s Core Tokyo CPI was up 2.3% yr/yr in November, representing the slowest growth rate since July 2022.

South Korea’s
November CPI -0.6% m/m (expected -0.2%; last 0.3%); 3.3% yr/yr (expected 3.7%; last 3.8%).
Q3 GDP 0.6% qtr/qtr, as expected (last 0.6%); 1.4% yr/yr (last 0.9%)

November Services PMI 56.9 (expected 58.0; last 58.4)

October Retail Sales -0.8% m/m (last -1.6%); -0.1% yr/yr (last 0.8%)

Hong Kong’s
November Manufacturing PMI 50.1 (last 48.9)

November Services PMI 46.0 (expected 46.3; last 47.9).
Q3 Current Account deficit AUD200 mln (expected surplus of AUD3.1 bln; last surplus of AUD7.8 bln)
The Reserve Bank of Australia left its cash rate at 4.35%, as expected, noting that potential additional tightening will hinge on incoming inflation figures.

Reserve Bank of Australia Leaves Rates Unchanged at 4.35%, Leans Dovish