MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

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

TYZ3 deals at 106-15, +0-03+, in line with late NY levels.

  • Cash tsys finished 6bps cheaper to 6bps richer across the major benchmarks, the curve twist flattened pivoting on 7s.
  • Tsys ticked away from early European session highs on spillover from China, headlines crossed noting the raising of an extra 1TN in Yuan sovereign bond issuance whilst raising the fiscal deficit ratio to ~3.8% from 3.0%.
  • Losses extended after S&P Global US PMIs were firmer than expected.
  • A recovery from session lows was facilitated by a bid in US Equities after a number of strong Q4 earnings reports.
  • Q3 CPI from Australia provides the highlight in today's Asian session, further out we have New Home Sales and Fed Chair Powell provides welcome remarks at 2023 Moynihan Prize. We also have the latest 5-Year Supply.
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