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: Tight Ranges Amid Light Calendar, Books Closed For Gilt Synd

BONDS

Bund and Gilt futures have traded in tight ranges this morning, with few notable data releases scheduled and generally light headline flow. US labour market data remains the primary focus across global markets this week.

  • Bund futures are +16 ticks at 133.44, while Gilts are +20 at 98.38.
  • Books for the new 4.375% Jan-40 Gilt have closed above GBP107bln (broadly in line with the GBP110bln book size for the 4.25% Jul-34 Gilt launched in June).
  • RAGB and German Schatz supply were well digested on the EGB front.
  • The short-end of the German curve underperforms as a result of the Schatz supply, with 2-year yields little changed and 30-year yields ~1.5bps lower.
  • 10-year peripheral spreads to Bunds are generally wider, with European equity markets off intraday highs.
  • BoE Deputy Governor Breeden moderates a panel on “Global supervisory cooperation in times of turbulence” at 1345BST, though comments surrounding the BoE’s policy outlook may be limited.
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