MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI: SWEDEN NOV UNEMPLOYMENT 7.4%

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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A busier session for Govies

BONDS
  • A busier morning session for EGBs, with a clear pick up in volumes.
  • Bund remains under pressure following Hawkish ECB talks yesterday, and also helped, following the jump in EU inflation.
  • There's been a massive jump in Bobl spread this morning, already trading a whooping 315k outright.
  • Peripherals have tightened somewhat, with Italy and Greece circa 1bp.
  • Gilt have traded inline with their European counter part, also weighted by the UK supply.
  • UK curve has also steepened in early trade.
  • US Treasuries are better offered, taking their cues from the Bund price action US Curves are bear steeper, but sill well short of last week's best levels.
  • Looking ahead, sees US ADP, Manufacturing PMI will be final reading, so more focus on the ISM Manufacturing.
  • Speakers include ECB's Weidmann at Bundesbank symposium, and Fed Bostic discusses bringing an inclusive Economy.
  • TY1 futures are down -0-4+ today at 133-29 with Bund futures down -0.17 at 175.28 and Gilt futures down -0.05 at 129.24.
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