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 NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Bid On Retail Sales & EGB Spill Over

GILTS

The softer-than-expected domestic retail sales data and feedthrough from EGBs/German PPI provide a bid for gilts at the open.

  • That allows futures to firm through yesterday’s best levels, last trading +25 at 98.96, 10 ticks shy of the high of the early 21-tick range.
  • Cash gilt yields are 3-6bp lower on the day, with the front end leading the move.
  • 10s print at ~3.90%, as the pullback from the failed move towards 4.00% extends a little further.
  • SONIA futures firm further at the gilt open to last show flat to +7.0 on the day, while BoE-dated OIS now sees ~117bp of cuts priced through ’24 (vs. ~109bp at yesterday’s close).
  • Outside of the data, political posturing continues to dominate domestic news flow.
  • The domestic docket is very thin ahead of the weekend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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