MNI China Daily Summary: Friday, January 17

MNI BRIEF: UK To Delay Implementation of Basel 3.1 Until 2027

MNI: UK DEC RETAIL SALES EX-FUEL -0.6% M/M, 2.9% Y/Y

MNI BRIEF: NBS Notes Favourable Conditions For China CPI

MNI BRIEF: China's Q4 GDP Grow By 5.4%, Meeting 2024 Target

MNI: PBOC Net Injects CNY100.5 Bln via OMO Friday

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

MNI: EUROZONE DEC FINAL HICP +0.4% M/M, +2.4% Y/Y

MNI: UK DEC RETAIL SALES -0.3% M/M, +3.6% 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: Gilt Relief Rally Continues

BONDS
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Gilts outperformed for a second consecutive session Thursday, as Wednesday's softer-than-expected US inflation data maintained the global FI relief rally.

  • Bunds and Gilts started the session mixed, with Gilts outperforming on dovish comments from BoE's Taylor late Wednesday, with UK GDP coming in on the soft side.
  • Global markets largely shrugged off mixed US data in the European afternoon. But dovish comments by US Federal Reserve Governor Waller on prospective 2025 rate cuts helped European FI rally into the cash close, with yields finishing at/near the session lows.
  • The accounts of the ECB December meeting noted "some" saw acase for a 50bp cut last month but this was not a market mover.
  • The UK and German curves bull steepened on the day. EGB periphery and semi-core spreads were broadly tighter to Bunds, with BTPs and GGBs outperforming.
  • Friday's calendar includes UK retail sales and the final reading of Eurozone December inflation. We also get appearances by ECB's Nagel, Escriva and Centeno, as well as BOE's Bailey.

Closing Yields / 10-Yr EGB Spreads To Germany

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Gilts outperformed for a second consecutive session Thursday, as Wednesday's softer-than-expected US inflation data maintained the global FI relief rally.

  • Bunds and Gilts started the session mixed, with Gilts outperforming on dovish comments from BoE's Taylor late Wednesday, with UK GDP coming in on the soft side.
  • Global markets largely shrugged off mixed US data in the European afternoon. But dovish comments by US Federal Reserve Governor Waller on prospective 2025 rate cuts helped European FI rally into the cash close, with yields finishing at/near the session lows.
  • The accounts of the ECB December meeting noted "some" saw acase for a 50bp cut last month but this was not a market mover.
  • The UK and German curves bull steepened on the day. EGB periphery and semi-core spreads were broadly tighter to Bunds, with BTPs and GGBs outperforming.
  • Friday's calendar includes UK retail sales and the final reading of Eurozone December inflation. We also get appearances by ECB's Nagel, Escriva and Centeno, as well as BOE's Bailey.

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less