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

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

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

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

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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Bonds are better bid today

BOND SUMMARY
  • EGBs trade in fairly narrow ranges, but contract have been generally better bid, following the overnight risk on.
  • Fed officials are playing down that risk of higher inflation will persist.
  • Cheaper money for longer, and the dovish tone keeps Equities and Bond futures supported.
  • German curve trades bull flatter on the margin, while peripheral spreads move tighter as they outperform Germany.
  • Italy leads and is 3bps tighter on the session.
  • Gilts underperform slightly versus EGBs, with volumes here once again dominated by rolling position into September. Roll pace is at 20% ahead of 1st notice on the 27th.
  • US Treasuries are better bid on Risk on, and similar to Gilts, rolls are at the forefront, given the lack of Risk events and Data.
  • Looking ahead, Fed Barkin, Evans, Quarles, ECB Villeroy, Lane, and BoE Tenreyro are the scheduled speakers.
  • In Supplies, US 2yr $60bn
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