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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Big European issuance in focus (again)

BOND SUMMARY

Issuance has been the big story of the morning with the UK, Spain and the Netherlands launching new bonds via syndication while Germany launches a new linker for the first time since 2015 via auction. a USD4bln EIB sale has been the highlight in SSA space.

  • Outside of issuance, today has been a bit quieter with a mildly risk-off undertone to markets (equities lower, core FI higher, peripheral spreads wider).
  • Looking ahead, we have speeches from the ECB's Visco and Lane and Fed's Bullard while the only notable data release will be JOLTs.
  • TY1 futures are up 0-2 today at 136-24 with 10y UST yields down -2.5bp at 1.146% and 2y yields unch at 0.112%.
  • Bund futures are up 0.20 today at 176.32 with 10y Bund yields down -0.8bp at -0.455% and Schatz yields unch at -0.716%.
  • Gilt futures are up 0.16 today at 132.47 with 10y yields down -0.9bp at 0.465% and 2y yields down -0.3bp at -0.41%.
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