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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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Bear Flattening With ISM Services Eyed

US TSYS
  • Cash Tsys have cheapened after the Labor Day long weekend, with a sizeable retracement of the post-payrolls rally and larger moves at the long end. Minimal flattening on the session leaves 2s10s at -20.5bps, little changed from where it settled post-payrolls after a sizeable steepening from recent lows of circa -40bps. Attention on ISM services later after the preliminary S&P Global PMI slumped but the manufacturing ISM showed surprising resilience last week.
  • 2YY +5.4bps at 3.441%, 5YY +5.5bps at 3.348%, 10YY +4.2bps at 3.231%, 30YY +2.6bps at 3.370%.
  • TYZ2 trades at 116-09+, 11+ ticks lower from Friday’s close. A bearish focus remains after the recent breach of 117-11+ (Jul 21 low), with a bear trigger at 115-23 (Sep 1 low) whilst initial firm resistance is seen at 118-00 (Aug 26 high).
  • Data: ISM Services for Aug in focus plus finalised S&P Global PMIs for Aug.
  • Bill issuance: $54B 13-W, $42B 26-W, $34B 52-W
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