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: Richer, Narrow Ranges, RBA Policy Decision Next Tuesday

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +2.0 & XM +0.5) are slightly stronger and near Sydney session highs. However, dealings have been light with ranges narrow on a data-light day. 

  • Today’s key regional event was a non-event, with the BoJ leaving the overnight call rate at 0.25% and signaling no need to hurry with interest rate hikes.
  • Cash US tsys are 1-2bps richer, with a steepening bias, in today’s Asia-Pac session. There is no US data today, but Fed speakers return. Data will resume on Monday with flash PMIs.
  • Cash ACGBs are 1-2bps richer with the AU-US 10-year yield differential at +22bps.
  • Swap rates are flat to 2bps lower.
  • The bills strip is holding a bull-flattener, with pricing +1 to +3.
  • RBA-dated OIS pricing is 1-5bps softer across 2025 meetings. A cumulative 17bps of easing is priced by year-end.
  • The local calendar will see Judo Bank PMIs on Monday ahead of the RBA Policy Decision on Tuesday and the CPI Monthly for August on Wednesday.
  • Next week, the AOFM plans to sell A$1.0bn of the 3.75% 21 May 2034 bond on Wednesday and A$500mn of the 2.25% 21 May 2028 bond on Friday. 
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ACGBs (YM +2.0 & XM +0.5) are slightly stronger and near Sydney session highs. However, dealings have been light with ranges narrow on a data-light day. 

  • Today’s key regional event was a non-event, with the BoJ leaving the overnight call rate at 0.25% and signaling no need to hurry with interest rate hikes.
  • Cash US tsys are 1-2bps richer, with a steepening bias, in today’s Asia-Pac session. There is no US data today, but Fed speakers return. Data will resume on Monday with flash PMIs.
  • Cash ACGBs are 1-2bps richer with the AU-US 10-year yield differential at +22bps.
  • Swap rates are flat to 2bps lower.
  • The bills strip is holding a bull-flattener, with pricing +1 to +3.
  • RBA-dated OIS pricing is 1-5bps softer across 2025 meetings. A cumulative 17bps of easing is priced by year-end.
  • The local calendar will see Judo Bank PMIs on Monday ahead of the RBA Policy Decision on Tuesday and the CPI Monthly for August on Wednesday.
  • Next week, the AOFM plans to sell A$1.0bn of the 3.75% 21 May 2034 bond on Wednesday and A$500mn of the 2.25% 21 May 2028 bond on Friday.