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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EGB/Gilt - UK PM Resigns

BONDS
  • EGBs and Bund have faded from their highs, after rallying this afternoon, on report that UK PM Truss will be resigning.
  • Liz Truss has now resigned, and will stay in place until a new PM is expected to be put in place by the 28th October.
  • Committee chair Brady said it will be possible to conduct a Ballot and conduct an election by the 28th October.
  • Adding that two candidates will be put to Tory membership.
  • Boris Johnson Expected To Stand In conservative Leadership Contest (Times).
  • Sunak is still the favourite according to Smarkets.
  • Peripheral spread are tighter against the German 10yr, with Italy in the lead by 6.1bps.
  • Gilt future traded as high as 100.53, but is now back at 98.70 at the time of typing.
  • Looking ahead, Fed Harker, Cook, Jefferson, Bowman, ECB de Cos.
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