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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Bull Flatter On Decent Volumes Ahead Of Barren Docket

US TSYS
  • Cash Tsys trade bull flatter with potential drivers from China growth concerns and softer than expected UK retail sales. 10Y yields have now dipped 10bps from yesterday’s high of 4.3256% that came with 1bp of the highest since 2008, and the flattening on the day sees 2s10s pull back 3.5bps to -68bps off yesterday’s lowest level of inversion since May.
  • Flow/headlines is likely to shape proceedings today with an exceptionally light docket ahead, with no data (Bloomberg analyst survey aside), no scheduled Fedspeak and no Treasury issuance.
  • 2YY -2.5bp at 4.904%, 5YY -5.5bp at 4.353%, 10YY -5.3bp at 4.221% and 30YY -4.2bp at 4.345%.
  • TYU3 trades 18+ ticks higher at 109-27+ close to an earlier high of 109-28+, again on above average volumes nearing 310k. The bounce is considered corrective as it lifts towards 110-07 (Aug 15 high) off support at 109-03 (Aug 17 low).
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