MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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STIR: Early SOFR/Treasury Option Roundup

STIR
USBulletMarketsFixed Income BulletsNorth America

SOFR & Treasury option flow looked relatively paired overnight, leaning towards low delta puts in the lead-up to the NY open with underlying futures drifting near steady. Curves adding slightly to Thu's steepening w/ 2s10s +.896 at 35.929. Projected rate cuts through mid-2025 running steady to gaining slightly vs. late Thursday levels (*) as follows: Jan'25 at -0.1bp, Mar'25 at -6.9bp, May'25 at -13.6bp (-12.9bp), Jun'25 at -24.5bp (-23.2bp), Jul'25 at -28.6bp (-27.6bp).

  • SOFR Options
    • 5,750 SFRM5 95.25/95.50 put spds
    • 4,000 SFRM5 95.75/96.00/96.25 call flys ref 95.915
    • 1,600 0QH5 95.81 puts ref 96.04
    • 1,750 SFRG5 95.68/95.75/95.81 put flys
    • 1,200 SFRJ5/SFRM5 96.00 put spds ref 95.915
    • 1,100 SFRZ5 96.25/96.75 call spds vs. 3QZ5 96.75/97.25 call spds
  • Treasury Options:
    • 2,000 TYJ5 108 puts ref 108-12
    • over 12,400 TYG5 108.25 puts, 4 last 
    • over 8,400 TYG5 108 puts, 1 last
    • over 6,000 TYG5 108.5 calls, 4 last
    • over 9,800 FVG5 106 puts, 1-3
    • over 6,600 FVG5 106.5 calls, 1 last
    • 3,350 wk1 TY 107/107.5 put spds ref 108-14 (expire Feb 7)
    • 2,000 Monday wkly 10Y 108/108.25 put spds ref 108-13 (expire Monday)
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SOFR & Treasury option flow looked relatively paired overnight, leaning towards low delta puts in the lead-up to the NY open with underlying futures drifting near steady. Curves adding slightly to Thu's steepening w/ 2s10s +.896 at 35.929. Projected rate cuts through mid-2025 running steady to gaining slightly vs. late Thursday levels (*) as follows: Jan'25 at -0.1bp, Mar'25 at -6.9bp, May'25 at -13.6bp (-12.9bp), Jun'25 at -24.5bp (-23.2bp), Jul'25 at -28.6bp (-27.6bp).

  • SOFR Options
    • 5,750 SFRM5 95.25/95.50 put spds
    • 4,000 SFRM5 95.75/96.00/96.25 call flys ref 95.915
    • 1,600 0QH5 95.81 puts ref 96.04
    • 1,750 SFRG5 95.68/95.75/95.81 put flys
    • 1,200 SFRJ5/SFRM5 96.00 put spds ref 95.915
    • 1,100 SFRZ5 96.25/96.75 call spds vs. 3QZ5 96.75/97.25 call spds
  • Treasury Options:
    • 2,000 TYJ5 108 puts ref 108-12
    • over 12,400 TYG5 108.25 puts, 4 last 
    • over 8,400 TYG5 108 puts, 1 last
    • over 6,000 TYG5 108.5 calls, 4 last
    • over 9,800 FVG5 106 puts, 1-3
    • over 6,600 FVG5 106.5 calls, 1 last
    • 3,350 wk1 TY 107/107.5 put spds ref 108-14 (expire Feb 7)
    • 2,000 Monday wkly 10Y 108/108.25 put spds ref 108-13 (expire Monday)