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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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ACGBs Slightly Cheaper, Federal Budget Tomorrow

AUSSIE BONDS

ACGBs (YM 0.0 & XM -1.5) are cheaper today, earlier we had NAB Business survey's with business confidence stable at 1 in April but conditions eased further to 7 from 9, only slightly above the series average, while CBA household spending fell 1.0% m/m in Apr, from a 0.2% rise in March.

  • Cross-asset moves: US equity futures are a touch lower today, while the ASX200 is down 0.24%, the BBDXY is little changed today the AUD is down 0.13%, while Iron ore is down 0.19% and now trades at $116.45/ton.
  • US Tsys curve is slightly steeper today, however we have remained in very tight ranges with yields flat to 1bps lower, with the 2Y -0.9bps at 4.856%, the 10Y -0.2bp to 4.494% with the 2y10y -0.436 at -36.693.
  • The ACGB curve has bear-steepened today, yields are flat to 2bps higher with the 2y10y +1.220 at 30.32, while the AU-US 10-year yield differential is 1bps lower, now -16bps
  • Swap rates are 2-4bps lower.
  • The bills strip is slightly richer, up 1bp
  • RBA-dated OIS implied rate now pricing 2-3bps higher into the November meeting, while the market is now pricing just 7bps of easing into year-end to a terminal rate of 4.28%
  • Looking ahead, Tuesday we have the Federal Budget handed down
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