MNI China Daily Summary: Tuesday, December 31

MNI China Press Digest Dec 31: PBOC, Panda Bonds, EVs

MNI: PBOC Net Injects CNY93.6 Bln via OMO Tues

CHINA DEC MANUFACTURING PMI 50.1 VS 50.3 IN NOV

MNI: PBOC Sets Yuan Parity Lower At 7.1884 Tues; -2.65% Y/Y

MNI: China CFETS Yuan Index Down 0.13% In Week of Dec 27

MNI:US OCT FHFA HPI SA +0.4% V +0.7% SEP; +4.5% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.5% V YR AGO MO

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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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Curve Flattens On Tuesday

US TSYS

TYM3 deals at 111-17+, -0-03+, line line with levels seen late in the NY session.

  • Cash Tsys finished 4bps cheaper to 1bp richer across the major benchmarks on Tuesday, the curve flattened.
  • Volatile trade was seen in the wake of mixed U.S. data, with softer than expected MNI Chicago PMI and Consumer Confidence facilitating a move off session lows.
  • Earlier in the session Tsys were briefly pressured after weakness in EGBs spilled over in lieu of stronger than expected inflation prints from France and Spain.
  • Gains were capped early in the NY session as corporate issuance related and option-tied hedging weighed.
  • Month end buying in 30s saw Tsys briefly extend highs late in the NY session.
  • Jan CPI alongside Q4 GDP from Australia, as well as Official PMIs from China, headline in Asia-Pac hours today. Further out final Eurozone Manf PMI, US Construction Spending and the ISM Manufacturing Survey will cross. We also have Fedspeak from Minneapolis Fed President Kashkari.
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