MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

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

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

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: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

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

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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AUSSIE BONDS: Cheaper But Mid-Range Ahead Of US PPI & Claims Data

AUSSIE BONDS

In roll-impacted dealings, ACGBs (YM -4.0 & XM -2.1) are weaker but off the Sydney session’s worst levels.

  • Outside of the MI Inflation Expectations data, there hasn't been much by way of domestic drivers to flag.
  • (MNI) MI Inflation Expectations measure eased 0.1pp in September to 4.4% y/y, in line with the series average. The measure can lead headline CPI inflation and in 2019 it averaged around 3.6%. A move below 4% in the series would be welcomed to help determine if inflation has been contained.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s post-CPI sell-off. The focus now turns to today's US PPI and Weekly Claims data.
  • Cash ACGBs are 2-4bps cheaper, with the AU-US 10-year yield differential at +21bps versus yesterday’s +24bps.
  • Swap rates are flat to 2bps higher, with the 3s10s curve flatter and EFPs tighter.
  • The bills strip is cheaper, with pricing -1 to -3 across contracts.
  • RBA-dated OIS pricing is flat to 3bps firmer, with late 2025 leading. A cumulative 16bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty. 
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

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