MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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Cheaper In Asia

US TSYS

TYU3 deals at 111-06+, -0-04+, a touch off the base of the 0-10 range on volume of ~78k.

  • Cash tsys sit 2-3bps cheaper across the major benchmarks, the belly is marginally leading the cheaps.
  • Tsys were pressured in early dealing as spillover from JGBs weighed, losses were briefly pared after an unscheduled bond buy from the BOJ.
  • Through the session tsys continued to tick lower however ranges were narrow as follow through remained limited.
  • On Sunday Federal Reserve Bank of Minneapolis President Kashkari said the base case for the US was a slowing economy but avoidance of a recession.
  • Eurozone CPI headlines in the European session today, further out we have Dallas Fed Mfg Activity and MNI Chicago PMI. Fedspeak from Chicago Fed President Goolsbee is also due.
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