MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

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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BONDS: EGBs-GILTS CASH CLOSE: BTP And OAT Spreads Continue To Tighten

BONDS
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Bunds and Gilts weakened Thursday, with BTPs and OATs outperforming.

  • EGBs largely shrugged off the collapse of the French government which occurred after the cash close Wednesday, with the outcome looking to have been priced in.
  • Periphery EGBs and OATs were the outperformers, the former seeing the tightest close to 10Y Bunds since October 2021.
  • Weakness in US Treasuries led Bunds lower throughout the day, with Gilts slightly outperforming their German counterparts. The German and UK curves bear flattened.
  • ECB cut pricing was pared about 10bp through late 2025, though a December 25bp rate cut remains very much fully priced.
  • Eurozone data was mixed: industrial production in France was the weak side but Spain beat expectations, while German factory orders were solid and Euro retail sales were soft.
  • After the cash close, French President Macron is due deliver a televised address (2000CET). Friday sees German industrial production data, and the final reading of Q3 Euro GDP.

Closing Yields / 10-Yr EGB Spreads To Germany

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Bunds and Gilts weakened Thursday, with BTPs and OATs outperforming.

  • EGBs largely shrugged off the collapse of the French government which occurred after the cash close Wednesday, with the outcome looking to have been priced in.
  • Periphery EGBs and OATs were the outperformers, the former seeing the tightest close to 10Y Bunds since October 2021.
  • Weakness in US Treasuries led Bunds lower throughout the day, with Gilts slightly outperforming their German counterparts. The German and UK curves bear flattened.
  • ECB cut pricing was pared about 10bp through late 2025, though a December 25bp rate cut remains very much fully priced.
  • Eurozone data was mixed: industrial production in France was the weak side but Spain beat expectations, while German factory orders were solid and Euro retail sales were soft.
  • After the cash close, French President Macron is due deliver a televised address (2000CET). Friday sees German industrial production data, and the final reading of Q3 Euro GDP.

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less