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 Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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EGBS: Friday’s High In Bunds Remains Intact As Wider FI Rallies

EGBS

Core/semi-core EGBs have been supported alongside broader FI markets this morning, though last Friday’s high in both Bund and OAT futures remain intact for now. Thursday headlines this week’s regional macro calendar, with August flash PMIs due alongside the ECB’s Q2 negotiated wage tracker. 

  • Bund futures are +33 at 134.59, with first support seen at 135.17 (Aug 14 high) before the bull trigger at 136.28 (Aug 5 high). 
  • German cash yields are 2.5 to 3.5bps lower today, with the curve flattening a touch. The 2s10s curve sits at -19.4bps, off the multi-year steep at -13.4bps on August 8.
  • 10-year peripheral spreads to Bunds are generally tighter. IRISH bonds have not registered meaningful outperformance following Moody’s Irish sovereign rating outlook tweak (to positive) after hours on Friday.
  • Finland have issued a mandate for a new long 5-year benchmark. We pencil in a transaction tomorrow for E3bln WNG.
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