MNI China Daily Summary: Thursday, January 9

MNI: BAVARIA DEC CPI 3.0% Y/Y (FLASH WAS 3.2%)

MNI: GERMANY NOV EXPORTS +2.1% M/M

MNI BOJ: 2 OUT OF 9 JAPAN REGIONS UP ECON VIEW FROM OCT

MNI: PBOC Net Drains CNY20.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1886 Thurs; -2.34% Y/Y

MNI: GERMANY NRW DEC CPI +0.5% M/M, +2.5% Y/Y

MNI: GERMANY NOV IND PROD +1.5% M/M

MNI:AUSTRALIA NOV TRADE BALANCE A$+7079

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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JGBS: Cash Yields Hovering Around Highest Levels Since 2011

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGB futures are sharply weaker, -32 compared to the settlement levels, but off session cheaps. 

  • With local calendar light the focus has been on US tsys after yesterday's bear-steepener following stronger-than-expected ISM services and JOLTS data. Currently, cash US tsys are little changed in today’s Asia-Pac session.
  • MNI's preview of tonight’s release of the FOMC’s Minutes includes what to watch for upon release; MNI's FOMC Hawk-Dove Spectrum; key highlights of FOMC participant commentary since the December meeting; and sell-side analyst expectations. See here  
  • Japanese yields are running at the highest since July 2011, with cash JGBs 1-3bps cheaper across benchmarks. The benchmark 10-year yield is 2.5bps higher at 1.160% after setting a fresh cycle high of 1.183% today.
  • Swaps are mostly cheaper, with rates 1bp richer to 4bps higher. Swap spreads are mixed.
  • BoJ-dated OIS pricing is marginally mixed versus pre-Dec MPM levels, with meetings out to June 2025 1-3bps softer but meetings beyond 1bp firmer.
  • Tomorrow, the local calendar will see Real and Labor Cash Earnings, Weekly International Investment Flows and Tokyo Avg Office Vacancies data alongside 30-year supply.
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JGB futures are sharply weaker, -32 compared to the settlement levels, but off session cheaps. 

  • With local calendar light the focus has been on US tsys after yesterday's bear-steepener following stronger-than-expected ISM services and JOLTS data. Currently, cash US tsys are little changed in today’s Asia-Pac session.
  • MNI's preview of tonight’s release of the FOMC’s Minutes includes what to watch for upon release; MNI's FOMC Hawk-Dove Spectrum; key highlights of FOMC participant commentary since the December meeting; and sell-side analyst expectations. See here  
  • Japanese yields are running at the highest since July 2011, with cash JGBs 1-3bps cheaper across benchmarks. The benchmark 10-year yield is 2.5bps higher at 1.160% after setting a fresh cycle high of 1.183% today.
  • Swaps are mostly cheaper, with rates 1bp richer to 4bps higher. Swap spreads are mixed.
  • BoJ-dated OIS pricing is marginally mixed versus pre-Dec MPM levels, with meetings out to June 2025 1-3bps softer but meetings beyond 1bp firmer.
  • Tomorrow, the local calendar will see Real and Labor Cash Earnings, Weekly International Investment Flows and Tokyo Avg Office Vacancies data alongside 30-year supply.