MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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EGBs-GILTS CASH CLOSE: Geopolitics Keep Safe Havens Bid

BONDS

The safe haven bid was alive and well going into the European weekend, with Ukraine-Russia flashpoints underpinning Bunds and Gilts.

  • Unlike Thursday though, periphery EGBs failed to keep pace, with BTPs underperforming amid renewed spread widening.
  • Once again, the drop in UK short-end yields was steady throughout the session, with the curve modestly flattening; Bobl outperformed in Germany.
  • After the cash close, headlines broke that the ECB would hold an "informal" meeting in Paris on Feb 24. Bund futures hit the highest level since Feb 4 though ticked higher rather than a sharp move as the implications were unclear.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 4.9bps at -0.478%, 5-Yr is down 5.6bps at -0.073%, 10-Yr is down 3.9bps at 0.192%, and 30-Yr is down 3.2bps at 0.471%.
  • UK: The 2-Yr yield is down 7bps at 1.265%, 5-Yr is down 7.3bps at 1.281%, 10-Yr is down 8.5bps at 1.378%, and 30-Yr is down 8bps at 1.466%.
  • Italian BTP spread up 4.3bps at 164.7bps / Spanish up 2.5bps at 101.1bps
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