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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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: Reversal Of Fortune

BONDS

Another busy session Thursday, with risk appetite swinging from negative to positive from early afternoon onward. The German and UK curves went from bull flattening to bear steepening, while BTP spreads narrowed after initial widening.

  • In data, Germany had an upside inflation shocker in January (on base effects/changing basket weighting); earlier, Eurozone confidence figures modestly beat expectations. Friday sees some key Eurozone Q4 prelim GDP figures.
  • Some AstraZeneca vaccine headlines garnered attention (Germany potentially recommending shouldn't be given to over 65s).

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.4bps at -0.745%, 5-Yr is down 0.1bps at -0.752%, 10-Yr is up 0.7bps at -0.539%, and 30-Yr is up 1.5bps at -0.101%.
  • UK: The 2-Yr yield is up 1.8bps at -0.113%, 5-Yr is up 1.3bps at -0.042%, 10-Yr is up 1.8bps at 0.287%, and 30-Yr is up 1.8bps at 0.85%.
  • Italian BTP spread down 2.6bps at 117.5bps
  • Spanish bond spread down 0.8bps at 61.2bps
  • Portuguese PGB spread down 1bps at 55.7bps
  • Greek bond spread down 0.3bps at 122.1bps
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