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: Issuance Pushes Yields To Multi-Month Highs

BONDS

UK and German yields rose sharply Tuesday, with bear steepening in the curves as supply weighed. Periphery spreads widened slightly, with Italy underperforming.

  • The main theme was supply: Spain syndicated its inaugural Green Obli (E5bln), Austria sold E1.6bln of 10-15Y and the UK sold GBP4.5bln of 4-/50Y. The EU announced its borrowing plan update.
  • All the while, heavy US Treasury and Corporate issuance pushed 10Y Bund / Gilt yields to highest levels since July / June, respectively.
  • BoE Saunders said rates could rise in the next 12 months; UK PM Johnson announced a 1.25% national insurance tax hike, though little market impact as was previously reported.
  • German ZEW disappointed; Eurozone GDP was revised higher.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 1.7bps at -0.698%, 5-Yr is up 4.2bps at -0.63%, 10-Yr is up 4.5bps at -0.322%, and 30-Yr is up 3.4bps at 0.169%.
  • UK: The 2-Yr yield is up 1.4bps at 0.192%, 5-Yr is up 2.3bps at 0.377%, 10-Yr is up 4.3bps at 0.737%, and 30-Yr is up 3.5bps at 1.075%.
  • Italian BTP spread up 1.8bps at 107.5bps / Spanish up 0.6bps at 69.1bps
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