MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

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MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

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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: NZGBS: Closed Cheaper, Subdued Session, Light Local Calendar

BONDS
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NZGBs closed 1-4bps cheaper after a relatively subdued session. There has been no cash trading for US tsys in today's Asia-Pac session due to a holiday in Japan. TYZ4 currently deals at 114-20+, -0-06+ from Friday’s closing levels.  

  • Outside of the previously outlined Job Ads data, there hasn't been much by way of domestic drivers to flag. It is a reasonably quiet week for NZ, with Friday’s ANZ Consumer Confidence data as the highlight.
  • Across the ditch, the RBA Policy Decision is due tomorrow, with Bloomberg consensus unanimous in expecting a no-change outcome.
  • Swap rates closed flat to 4bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed little changed. A cumulative 83bps of easing is priced by year-end.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 3.00% Apr-29 bond, NZ$225mn of the 4.50% May-35 bond and NZ$25mn of the 2.75% Apr-37 bond.
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NZGBs closed 1-4bps cheaper after a relatively subdued session. There has been no cash trading for US tsys in today's Asia-Pac session due to a holiday in Japan. TYZ4 currently deals at 114-20+, -0-06+ from Friday’s closing levels.  

  • Outside of the previously outlined Job Ads data, there hasn't been much by way of domestic drivers to flag. It is a reasonably quiet week for NZ, with Friday’s ANZ Consumer Confidence data as the highlight.
  • Across the ditch, the RBA Policy Decision is due tomorrow, with Bloomberg consensus unanimous in expecting a no-change outcome.
  • Swap rates closed flat to 4bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed little changed. A cumulative 83bps of easing is priced by year-end.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 3.00% Apr-29 bond, NZ$225mn of the 4.50% May-35 bond and NZ$25mn of the 2.75% Apr-37 bond.