MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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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Cash Bonds Twist-Flatten On BoJ Hike Fears

JGBS

In early in the Tokyo afternoon session, JGB futures are weaker, -11 compared to the settlement levels, but well above Tokyo session lows.

  • Outside of the previously outlined PPI Services and International Investment Flow data, there hasn't been much in the way of domestic data drivers to flag.
  • Cash US tsys are 2-3bps richer in today’s Asia-Pac session after yesterday’s twist-steepening, with equity weakness in the driving seat.
  • The cash JGB curve is holding a twist-flattener sparked by a Reuters report that the BoJ was set to consider a hike next week in addition to providing a plan to taper bond buying. Yields are 2bps higher to 1bp lower.
  • The benchmark 10-year yield is 0.4bp higher at 1.085% versus the cycle high of 1.108%.
  • Swap rates are little changed across maturities. Swap spreads are mixed.
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