MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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Belly-Led Cheapening Ahead Of Payrolls, ISM Services

US TSYS
  • Cash Tsys trade 3-4.5bp cheaper, led by the belly with yields across the curve continuing to retreat from late 2023 lows. Today's move sees firmer clearance of 4% for the 10Y, latest 4.04%.
  • Yesterday’s solid labor indicators, with hawkish surprises for ADP employment and jobless claims plus lower Challenger job cuts, have helped along with broader sentiment around what had been more than six Fed rate cuts priced for 2024.
  • Today’s payrolls report (MNI Preview) and then 90 minutes later the ISM services report should help set the tone from here, kickstarting the top tier data for the year.
  • TYH4 trades close to session lows of 111-18+ as it extends its corrective pullback amidst solid volumes of 345k. Having previously cleared support at 111-31+ (20-day EMA), it now sets its sights on 111-09+ (Dec 7 high).
  • Data: Payrolls report Dec (0830ET), ISM Services Dec (1000ET), Factory orders Nov (1000ET)
  • Fedspeak: Barkin (’24 voter) with Maryland Bankers’ Association (1330ET incl text), but he's already spoken this week.
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