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, Narrow Ranges, RBA’S FSR Out

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -4.0 & XM -4.5) are cheaper after dealing in narrow ranges in today’s Sydney session. 

  • (Bloomberg) “The share of Australian borrowers in severe financial stress remains small with the vast majority still able to service their debts, the Reserve Bank said in a half-yearly review, while highlighting other areas of threat to the banking system including from China.” (See link)
  • Australia's job vacancies fell 5.2% q/q in three months to August.
  • With the domestic calendar light, local investors have appeared content to sit on the sideline ahead of a heavy US calendar later today.
  • Cash US tsys are ~0.5bp richer in today’s Asia-Pac session after yesterday’s bear-steepening.  Today’s US calendar will see Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell.
  • Cash ACGBs are 4bps cheaper, with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 3-4bps higher.
  • The bill strip is cheaper, with pricing -1 to -4 across contracts.
  • RBA-dated OIS pricing is 1-3bps firmer across meetings. A cumulative 15bps of easing is priced by year-end.
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ACGBs (YM -4.0 & XM -4.5) are cheaper after dealing in narrow ranges in today’s Sydney session. 

  • (Bloomberg) “The share of Australian borrowers in severe financial stress remains small with the vast majority still able to service their debts, the Reserve Bank said in a half-yearly review, while highlighting other areas of threat to the banking system including from China.” (See link)
  • Australia's job vacancies fell 5.2% q/q in three months to August.
  • With the domestic calendar light, local investors have appeared content to sit on the sideline ahead of a heavy US calendar later today.
  • Cash US tsys are ~0.5bp richer in today’s Asia-Pac session after yesterday’s bear-steepening.  Today’s US calendar will see Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell.
  • Cash ACGBs are 4bps cheaper, with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 3-4bps higher.
  • The bill strip is cheaper, with pricing -1 to -4 across contracts.
  • RBA-dated OIS pricing is 1-3bps firmer across meetings. A cumulative 15bps of easing is priced by year-end.