MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

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

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

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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EGB/Gilt

BOND SUMMARY

European sovereign bond markets have started the week on a softer note.

  • Gilts opened higher this morning but quickly reversed. Cash yields are now broadly 1bp higher across the curve.
  • It is a similar story for bunds. Last yields: 2-year -0.7255%, 5-year -0.7321%, 10-year -0.5365%, 30-year -0.1174%.
  • OATs have marginally underperformed bunds with yields up to 2-3bp higher on the day.
  • BTPs have sold off with yields up 3bp and the curve trading flat overall.
  • Supply this morning came from Germany (Bubills, EUR4.867bn allotted), the Netherlands (DTCs, EUR1.62bn) and Slovakia (SlovGBs, EUR549.6mn).
  • The data calendar was light this morning with no Tier 1 releases.
  • Focus this week will be on the ECB GC meeting, although no material changes in monetary policy are expected given that a sizeable stimulus package was delivered in December. Focus will instead be on the ECBs interpretation of recent economic developments and lockdown restrictions, as well as any commentary on the value of the euro.
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