MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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10Y Treasury Yield Clears 5% For First Time Since 2007

US TSYS
  • Treasuries have bear steepened ahead of the NY crossover, seemingly a reversal of hedging ahead of the weekend after limited meaningful regional escalation in the Israel-Hamas conflict since then.
  • Cash benchmarks trade 4.5bp to 9bp cheaper, with 10s leading the sell-off having finally breached 5% for the first time since 2007 after coming close multiple times last week. They registered a high of 5.0187%, currently at 5.006%.
  • 2s10s in the process touched fresh recent highs of -10.5bps, highs since Jul-2022.
  • TYZ3 trades at 105-15 (-17) just off lows of 105-12+ although it stopped short of testing support of 105-10+ (Oct 19 low) seen during the Chair Powell’s Q&A at the Economic Club of NY last week. Next support would be at 104-25 (2.0% 10-dma envelope). Volumes are solid at 375k after the lack of headline flow and a HK holiday.
  • Today’s docket is extremely light, with only the Chicago Fed’s National activity index at 0830ET and no Fedspeak amidst the media blackout.
  • Bill issuance: US Tsy $75B 13W, $68B 26W bill auctions (1130ET).
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