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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGBS: Equity Recovery Weighs, German 2s10s Eyes Disinversion

EGBS

Core/semi-core EGBs have weakened through the morning, with the recovery of major equity benchmarks leaving Bund futures -69 ticks today at 133.86. 

  • The 20-day EMA at 133.70 provides the first support in Bunds, though bears will need to push through the 50-day EMA at 133.09 to signal scope for a deeper retracement.
  • The September Sentix survey was weaker-than-consensus at -15.4 (vs -12.2 cons, -13.9 prior). While not market moving, this signals a soft start to the September sentiment round.
  • The German cash curve has bear steepened, with 2s10s (currently -4.5bps) looking to disinvert for the first time since August 2022. This would follow the disinversion of US 2s10s since Friday's payrolls report.
  • The 10-year OAT/Bund spread is 1bp wider at 71bps, after the French finance ministry requested a deadline extension for the submission of its medium-term fiscal-structural plan to the EU Commission.
  • Broader peripheral spreads to Bunds are a little tighter though, owing to the equity rally.
  • Thursday’s ECB meeting headlines the regional calendar this week, with a 25bp cut unanimously expected and fully priced by ECB-dated OIS. 
EurozoneBulletGlobalFixed Income BulletsRegionMarkets
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.