FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

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MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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 UPDATE: APAC Credit Spread Wider, Primary Market Active

CREDIT UPDATE
  • Asian markets are mixed today as investors await US inflation data. Focus has been on China today were equities struggled, with the CSI 300 nearing its lowest level since 2019, biotech stocks dropped following US legislative actions, Property stocks dropped after being removed from the China-HK Stock Connect, while Chinese exports rose 8.7%y/y in August, beating expectations, but weak demand for industrial commodities continues to weigh on sentiment.
  • In Australia focus was on primary, we had Qantas 10yr fxd at +200bps, MUFG 3yr frn at +73bps, AMP 5yr frn at +127, while Toyota (3yr +90-95bps & 5yr +115-120bps area). Secondary trading is largely focused around recent issues, with all most recent T2s trading -1bps today, MQGAU is now 2bps wider than issue price while SCGAU still seeing strong demand and trading 10-12bps tighter since issue.
  • Asia has been focused on new issues today, with a flood of USD deals coming to market. In secondary, China Property bonds see further weakness trading off 2-8pts after Vanke sales slid 24% in August, with a real lack of liquidity in the market. Spread on Asia IG are 1bps wider today with Commodity, Retail & Property names the worst performing.
  • Aus iTraxx CDS is 1bps lower at 64bps & while Asia Ex-J iTraxx is unchanged at 97bps
  • Headlines: China Builders Sunac, Logan Mull Local Debt Restructuring Plans, Fitch Places Quzhou Development ‘CCC+’ Rating on Watch Negative, Australia to Scrap AT1 Bank Bonds After Credit Suisse Wipeout
  • Primary: CK Hutchison $Bmrk  5.5Y +125a & 10Y +145a, Vedanta $Bmrk 5NC2 11.125%a, Nissan  $Bmrk 3Y +185a, 3Y frn Equiv, 5Y +215a, Marubeni $Bmrk 5Y +130a, Wuhan Metro Group $Bmrk 3Y at T+125a, IAPA Infrastructure $Bmrk 10Y +195a, 20Y +215a,
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