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 Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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 Mid-Range With Yields Slightly Lower

BONDS

NZGBs closed mid-range, with benchmark yields 1-2bps lower. The 10-year yield has underperformed its $-bloc counterparts with the NZ-US and NZ-AU differentials 1-2bps wider. 

  • Outside of the previously outlined Q2 Mfg Activity, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are ~1bps cheaper in today’s Asia-Pac session after yesterday’s somewhat mixed performance. Newsflow was light to start the week. The focus is on this week's CPI and PPI inflation measures to help gauge next week's FOMC policy announcement.
  • Swap rates are 2-3bps lower.
  • RBNZ dated OIS pricing is flat to 3bps softer across meetings. A cumulative 77bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Net Migration data alongside a speech from Assistant RBNZ Governor Karen Silk at a conference hosted by KangaNews.
  • On Thursday, the NZ Treasury plans to sell NZ$300mn of the 3.00% Apr-29 bond, NZ$150mn of the 4.50% May-35 bond and NZ$50mn of the 2.75% Apr-37 bond.
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