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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CPI Underwhelmed

US TSYS SUMMARY
Early rate rally after Jan CPI data underwhelmed on realized inflation (0.3%; Core 0.0%), while equities surged higher, SPUs making new all-time highs briefly (ESH1 3928.5).
  • Early trade felt untethered as equities rallied along with Tsys: duration bid compensated for dollar weakness, BEs a potential "distraction" one desk said, "but a 3bp drop in 10yr takes out the range last 2 days, back into Friday's range".
  • No specific data triggers as stocks support evaporated midmorning, sources confirmed several rounds of program selling while Tsys didn't break range on the move.
  • Small stop through: US Tsy $41B 10Y note (91282CBL4) draws 1.155% high yield (1.164% on last month's second consecutive re-open) vs. 1.156% WI; 2.37 bid/cover (2.47 previous).
  • No reaction to latest Fed Chair comments regarding inflation metrics and need for fiscal aid. Powell also intimated stronger jobs won't prompt Fed hikes, and not to expect tapering anytime soon: "LONGER RUN, BALANCE SHEET TO BE NO BIGGER THAN NEEDED," Bbg
  • The 2-Yr yield is down 0.4bps at 0.1111%, 5-Yr is down 1.8bps at 0.4562%, 10-Yr is down 2.4bps at 1.1328%, and 30-Yr is down 2.3bps at 1.9247%.
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