MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 1-2bp tighter after closing near to intraday tightest levels as President Lagarde notes that the ECB will take into account stronger confidence in the inflation outlook at the October meeting. This followed a less hawkish than usual slide deck from Executive Board member Schnabel last week.
  • Main/XO ended +1.3bp/+4bp at 58.8bp/311bp while €IG was +0.1bp (Corps +0.4bp, Fins -0.3bp, €HY +3bp). Cyclicals were again the notable Corps underperformer at +2.7bp with Autos +3.9bp (now +4.4bp YTD) with Comms, Fins and Transport managing to stay in the green. $IG was -0.5bp (Corps -0.3bp, Fins -0.8bp, $HY -4bp).
  • SXXP ended -1.0% while SPX was +0.4%. Mizuho, Maersk +4%, Stellantis -13%, Toyota/Honda/Nissan/Forvia/Renault -6-8%.
  • SX5E/SPX futures are +0.2%/flat. Investors remain cautious following headlines that Israel had begun “targeted ground raids” in southern Lebanon, escalating a campaign to root out Hezbollah. The US Dockworkers strike is also set to go ahead. UST futures have reversed earlier gains and now trade near session lows although still well off the lows made overnight.
  • Later today we have flash PMI, JOLTS and ISMs and more Fed speak from Bostic, Barkin and Cook in the US. Before that, EU final PMI prints and inflation prints are due.

 

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  • Bunds closed 1-2bp tighter after closing near to intraday tightest levels as President Lagarde notes that the ECB will take into account stronger confidence in the inflation outlook at the October meeting. This followed a less hawkish than usual slide deck from Executive Board member Schnabel last week.
  • Main/XO ended +1.3bp/+4bp at 58.8bp/311bp while €IG was +0.1bp (Corps +0.4bp, Fins -0.3bp, €HY +3bp). Cyclicals were again the notable Corps underperformer at +2.7bp with Autos +3.9bp (now +4.4bp YTD) with Comms, Fins and Transport managing to stay in the green. $IG was -0.5bp (Corps -0.3bp, Fins -0.8bp, $HY -4bp).
  • SXXP ended -1.0% while SPX was +0.4%. Mizuho, Maersk +4%, Stellantis -13%, Toyota/Honda/Nissan/Forvia/Renault -6-8%.
  • SX5E/SPX futures are +0.2%/flat. Investors remain cautious following headlines that Israel had begun “targeted ground raids” in southern Lebanon, escalating a campaign to root out Hezbollah. The US Dockworkers strike is also set to go ahead. UST futures have reversed earlier gains and now trade near session lows although still well off the lows made overnight.
  • Later today we have flash PMI, JOLTS and ISMs and more Fed speak from Bostic, Barkin and Cook in the US. Before that, EU final PMI prints and inflation prints are due.