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

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

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

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGBS: Supported By Fed Rate Cut Speculation

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures gapped higher overnight, following US Treasuries higher amid growing speculation around a 50bp Fed cut next week. Since then, Bunds have been little changed, leaving futures +22 versus yesterday’s settlement at 134.95.

  • Yesterday’s high provides (135.49) the first resistance, shielding the bull trigger which remains at 135.66 (Aug 5 high).
  • There have been no less than 7 ECB speakers this morning following yesterday’s meeting, but none have added much new to yesterday’s guidance, where a “data-dependent and meeting-by-meeting” approach was retained. President Lagarde is scheduled to speak at 1030BST too.
  • Eurozone industrial production was -0.3% M/M (in line with consensus), but we estimate that it fell 1.1% M/M when excluding the volatile Irish numbers.
  • Short-end yields have been pulled lower by post-settlement rally in STIR markets, helping the German 2s10s curve to bull steepen ~1.5bps.
  • 10-year peripheral spreads to Bunds are a little tighter. S&P and Moody’s are scheduled to review Spain’s sovereign rating after hours, with the latter also reviewing Greece.
161 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Bund futures gapped higher overnight, following US Treasuries higher amid growing speculation around a 50bp Fed cut next week. Since then, Bunds have been little changed, leaving futures +22 versus yesterday’s settlement at 134.95.

  • Yesterday’s high provides (135.49) the first resistance, shielding the bull trigger which remains at 135.66 (Aug 5 high).
  • There have been no less than 7 ECB speakers this morning following yesterday’s meeting, but none have added much new to yesterday’s guidance, where a “data-dependent and meeting-by-meeting” approach was retained. President Lagarde is scheduled to speak at 1030BST too.
  • Eurozone industrial production was -0.3% M/M (in line with consensus), but we estimate that it fell 1.1% M/M when excluding the volatile Irish numbers.
  • Short-end yields have been pulled lower by post-settlement rally in STIR markets, helping the German 2s10s curve to bull steepen ~1.5bps.
  • 10-year peripheral spreads to Bunds are a little tighter. S&P and Moody’s are scheduled to review Spain’s sovereign rating after hours, with the latter also reviewing Greece.