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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EGBS: Bund Futures Lack Conviction Ahead Of Key Events Later This Week

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures have lacked conviction this morning, with few fundamental catalysts to note. Markets are focused on tomorrow’s US CPI report and Thursday’s ECB decision. After slipping to intraday lows of 135.75, Bund futures have recovered back to 135.97, 5 ticks below yesterday’s settlement levels.

  • The German curve has lightly twist steepened, with 2-year yields almost 1bp lower and 30-year yields ~2bps higher. The 10-year yield found resistance around 2.14% (23.6% retracement of the Nov 7 to Dec 3 move lower).
  • 10-year EGB spreads to Bunds are mixed, with BTPs a little wider and OATs almost 2bp tighter. President Macron is set to meet with political party leaders today, as he looks to form another government. RN leader Le Pen has not been invited. Le Monde reports that a draft 'special law' on the budget will be examined by the National Assembly on 16 Dec.
  • German final November HICP confirmed flash estimates, while Italian October industrial production signalled ongoing stagnation in the manufacturing sector.
  • Austria sold E1.15bln of 10/30-year RAGBs this morning.
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Bund futures have lacked conviction this morning, with few fundamental catalysts to note. Markets are focused on tomorrow’s US CPI report and Thursday’s ECB decision. After slipping to intraday lows of 135.75, Bund futures have recovered back to 135.97, 5 ticks below yesterday’s settlement levels.

  • The German curve has lightly twist steepened, with 2-year yields almost 1bp lower and 30-year yields ~2bps higher. The 10-year yield found resistance around 2.14% (23.6% retracement of the Nov 7 to Dec 3 move lower).
  • 10-year EGB spreads to Bunds are mixed, with BTPs a little wider and OATs almost 2bp tighter. President Macron is set to meet with political party leaders today, as he looks to form another government. RN leader Le Pen has not been invited. Le Monde reports that a draft 'special law' on the budget will be examined by the National Assembly on 16 Dec.
  • German final November HICP confirmed flash estimates, while Italian October industrial production signalled ongoing stagnation in the manufacturing sector.
  • Austria sold E1.15bln of 10/30-year RAGBs this morning.