MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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Core Sovereigns Bid

BOND SUMMARY

Safe haven demand is underpinning the bid in government bonds this morning, with USTs and Gilts leading the charge.

  • Sovereign curves are bull flattening amid broad weakness in European equities, which follows on the heels of a poor session for Asian stocks in the wake of China's clampdown on education tech stocks.
  • Treasury cash yields are 1-4bp lower across the curve with the long-end outperforming. TYU1 trades at 134-14, near the top end of the day's range (L: 134-04+ / 134-19).
  • Gilts have similarly caught a bid with yields 2bp lower in the belly/long-end of the curve.
  • Bunds are slightly underperforming USTs and Gilts. Yields are broadly 1bp lower with the curve close to flat overall.
  • BTPs trade a touch weaker, albeit with price action relatively contained thus far.
  • The German IFO update for July was a touch weaker than expected with the Expectations component reading 101.2 vs 103.6 consensus.
  • European supply today comes from Germany (Bubills), France (BTFs) and Belgium (OLOs).
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