MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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 with 2y/10y yields at 2.01%/2.18% - DM team flagged that the 10-year OAT/Bund spread widened 5bps to 86bps with no obvious driver for the widening. Noting that a 60-day truce between Israel and Hezbollah began at 2am GMT.
  • Main/XO ended +0.7bp/+2bp at 58.2bp/310bp while €IG was flat at 1.06% (Corps -0.1bp at 1%, Fins +0.1bp at 1.15%, €HY -2bp at 3.34%). No significant movers in terms of sector; noting that the past week has seen the 1-3yr vs. 7-10yr €IG curve move into flatter YTD territory at 40bps. $IG was +1.1bp at 0.78% (Corps +0.9bp at 0.77%, Fins +1.5bp at 0.8%, $HY +2bp at 2.63%).
  • SXXP/SPX ended -0.6%/+0.6% at 506pts/6022pts. €IG's biggest risers/fallers included Eli Lilly & Co (+5%), Worldline SA/France (+3%), Aliaxis SA (-7%), Daimler Truck Holding AG (-6%), Stellantis NV (-6%).
  • SX5E/SPX futures are -0.3%/flat. Overnight team flagged that the RBNZ cut rates by 50bps as expected, but its higher implied OCR forecast profile (relative to market pricing) drove NZD and NZ rates higher. Australian Oct CPI was mixed, with headline lower but core firmer.
  • Later revised US Q3 GDP, jobless claims, November MNI Chicago PMI, preliminary October durable orders, October trade, personal income/spending & PCE price indices print. The ECB’s Lane speaks.

 

 

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  • Bunds closed 1-2bp tighter with 2y/10y yields at 2.01%/2.18% - DM team flagged that the 10-year OAT/Bund spread widened 5bps to 86bps with no obvious driver for the widening. Noting that a 60-day truce between Israel and Hezbollah began at 2am GMT.
  • Main/XO ended +0.7bp/+2bp at 58.2bp/310bp while €IG was flat at 1.06% (Corps -0.1bp at 1%, Fins +0.1bp at 1.15%, €HY -2bp at 3.34%). No significant movers in terms of sector; noting that the past week has seen the 1-3yr vs. 7-10yr €IG curve move into flatter YTD territory at 40bps. $IG was +1.1bp at 0.78% (Corps +0.9bp at 0.77%, Fins +1.5bp at 0.8%, $HY +2bp at 2.63%).
  • SXXP/SPX ended -0.6%/+0.6% at 506pts/6022pts. €IG's biggest risers/fallers included Eli Lilly & Co (+5%), Worldline SA/France (+3%), Aliaxis SA (-7%), Daimler Truck Holding AG (-6%), Stellantis NV (-6%).
  • SX5E/SPX futures are -0.3%/flat. Overnight team flagged that the RBNZ cut rates by 50bps as expected, but its higher implied OCR forecast profile (relative to market pricing) drove NZD and NZ rates higher. Australian Oct CPI was mixed, with headline lower but core firmer.
  • Later revised US Q3 GDP, jobless claims, November MNI Chicago PMI, preliminary October durable orders, October trade, personal income/spending & PCE price indices print. The ECB’s Lane speaks.