MNI China Daily Summary: Tuesday, December 31

MNI China Press Digest Dec 31: PBOC, Panda Bonds, EVs

MNI: PBOC Net Injects CNY93.6 Bln via OMO Tues

CHINA DEC MANUFACTURING PMI 50.1 VS 50.3 IN NOV

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MNI: China CFETS Yuan Index Down 0.13% In Week of Dec 27

MNI:US OCT FHFA HPI SA +0.4% V +0.7% SEP; +4.5% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.5% V YR AGO MO

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

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-GILTS CASH CLOSE: A Slightly Risk-Off Month End

BONDS

Month-end flow likely helped boost the European FI space Wednesday, with Bunds bull flattening and periphery spreads tightening.

  • Bonds were helped with a bit of risk-off early with reports of Russian cyber hacking of the German banking system, as well as continued concerns over the Delta COVID variant.
  • Data was mostly in line with expectations, including Eurozone/French/Italian inflation, and final UK quarterly GDP. Supply was BTPs (E6.0bln) and Latvia 7Y syndication (E0.5bln).
  • On Thursday, we get final PMIs as well as significant supply, with Spain selling up to E5.75bln in bonds/linkers, France up to E11bln in OAT, UK GBP3.5bln of Gilt.
  • Also, BoE's Bailey speaking Thurs morning.

Closing yields/10Y Periphery Spreads To Germany:

  • Germany: The 2-Yr yield is down 1bps at -0.662%, 5-Yr is down 2.6bps at -0.588%, 10-Yr is down 3.8bps at -0.208%, and 30-Yr is down 4.6bps at 0.289%.
  • UK: The 2-Yr yield is unchanged at 0.063%, 5-Yr is down 1.6bps at 0.332%, 10-Yr is down 2.2bps at 0.716%, and 30-Yr is down 1.7bps at 1.234%.
  • Italian BTP spread down 2.3bps at 102.7bps / Spanish down 0.6bps at 62.1bps
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