MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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: € Credit Close

CREDIT UPDATE
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  • 2y/10y bunds look set to close +3bp/+8bp at 2.05%/2.11%. Rates trended higher through the session with some of the flight to safety premium unwinding from yesterday and oil higher.
  • SXXP/SPX are flat/+0.1% at 521/5715. €IG equities close -0.3%. Movers include Aker BP ASA (+4%), Arion Banki HF (+4%), Leonardo SpA (+4%), Equinor ASA (+4%), Deutsche Lufthansa AG (-4%).
  • €IG cash closes 1bp tighter. SKFBSS rallied, with the 31s 32bp tighter, on event-of-default speculation due to the proposed spinoff. VIVFP 28s were 20bp tighter with developments of the same nature. PRXNA was up to 10 tighter and VW/STLA also up to 10 tighter as they continue to recover from profit warnings.
  • Main/XO are closing flat/+1bp at 59.9bp/317bp.
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  • 2y/10y bunds look set to close +3bp/+8bp at 2.05%/2.11%. Rates trended higher through the session with some of the flight to safety premium unwinding from yesterday and oil higher.
  • SXXP/SPX are flat/+0.1% at 521/5715. €IG equities close -0.3%. Movers include Aker BP ASA (+4%), Arion Banki HF (+4%), Leonardo SpA (+4%), Equinor ASA (+4%), Deutsche Lufthansa AG (-4%).
  • €IG cash closes 1bp tighter. SKFBSS rallied, with the 31s 32bp tighter, on event-of-default speculation due to the proposed spinoff. VIVFP 28s were 20bp tighter with developments of the same nature. PRXNA was up to 10 tighter and VW/STLA also up to 10 tighter as they continue to recover from profit warnings.
  • Main/XO are closing flat/+1bp at 59.9bp/317bp.