MNI China Daily Summary: Tuesday, December 31

MNI China Press Digest Dec 31: PBOC, Panda Bonds, EVs

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CHINA DEC MANUFACTURING PMI 50.1 VS 50.3 IN NOV

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MNI:US OCT FHFA HPI SA +0.4% V +0.7% SEP; +4.5% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.5% V YR AGO MO

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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PERU: Barclays Expects BCRP To Remain On Hold, PEN To Continue To Outperform

PERU
BulletPeruEM BulletEmerging Market News
  • Barclays sees the BCRP staying on hold on Thursday, in line with consensus. The central bank has signalled a more cautious approach towards easing at this phase of the cycle, as it attempts to avoid converging to neutral too fast in an environment where US rate uncertainty has not fully dissipated.
  • Barclays remains constructive Soberanos, as Peruvian bonds are lower beta to US rates, risk-neutral rates have room to compress, and positioning of local pensions funds in the bond market has started to stabilise.
  • In their view, the PEN could continue to outperform in the region, as Peru's terms of trade have not deteriorated, and the USD surge could take a respite following the US jobs report.
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  • Barclays sees the BCRP staying on hold on Thursday, in line with consensus. The central bank has signalled a more cautious approach towards easing at this phase of the cycle, as it attempts to avoid converging to neutral too fast in an environment where US rate uncertainty has not fully dissipated.
  • Barclays remains constructive Soberanos, as Peruvian bonds are lower beta to US rates, risk-neutral rates have room to compress, and positioning of local pensions funds in the bond market has started to stabilise.
  • In their view, the PEN could continue to outperform in the region, as Peru's terms of trade have not deteriorated, and the USD surge could take a respite following the US jobs report.