MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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 Two-Way Session

AUSSIE BONDS

Aussie bonds have pulled away from best levels, leaving cash ACGBS 6-8bp cheaper across the curve, with the 10- to 12-Year zone leading the way lower. YM and XM are -6.0 and -8.5, respectively, with the former operating off of early session lows, while the latter had had a look through its early Sydney base but has failed to meaningfully pierce it so far. Wider EFPs suggest payside flow in swaps has also aided the cheapening. Bills run 4 to 13 ticks cheaper through the reds, bear steepening.

  • A delayed reaction to the record Australian trade surplus (on the back of above-expectations exports and imports) also fed into the move away from richest levels of the day.
  • Friday will see A$700mn of the 0.25% 21 November ‘24 Bond on offer and the release of the weekly AOFM issuance slate.
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