MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: US MBA: MARKET COMPOSITE +1.7% SA THRU NOV 15 WK

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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EGBS: Tight Range For Bund Futures This Morning, Bund Supply At 1030GMT

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures have traded in a 36 tick range this morning, currently -28 ticks at 132.05. Initial support in Bund futures is seen at 131.68/131.66 (circa 2.50% in yield), while resistance is 132.99 (Nov 19 high).

  • A Reuters source report suggesting President Putin is open to discussing a Ukraine ceasefire deal with Donald Trump weighed slightly on core FI ahead of the cash bond open, which was followed by the firmer-than-expected UK CPI report. However, these moves have mostly faded.
  • The German cash curve has bear steepened, with 30-year yields 2.5bps higher ahead of supply at 1030GMT/1130CET.
  • There was limited reaction to the ECB Q3 negotiated wage data, which jumped to 5.4% Y/Y (broadly in line with expectations).
  • 10-year peripheral spreads to Bunds are a little wider, with the 10-year BTP/Bund spread 1bp wider at 122bps.
  • The Bank of Spain said that recent floods are likely to reduce GDP by 20bps in Q4.
  • The remainder of today’s regional calendar is light, with de Guindos, Stournaras and Makhlouf scheduled to speak this evening. 
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Bund futures have traded in a 36 tick range this morning, currently -28 ticks at 132.05. Initial support in Bund futures is seen at 131.68/131.66 (circa 2.50% in yield), while resistance is 132.99 (Nov 19 high).

  • A Reuters source report suggesting President Putin is open to discussing a Ukraine ceasefire deal with Donald Trump weighed slightly on core FI ahead of the cash bond open, which was followed by the firmer-than-expected UK CPI report. However, these moves have mostly faded.
  • The German cash curve has bear steepened, with 30-year yields 2.5bps higher ahead of supply at 1030GMT/1130CET.
  • There was limited reaction to the ECB Q3 negotiated wage data, which jumped to 5.4% Y/Y (broadly in line with expectations).
  • 10-year peripheral spreads to Bunds are a little wider, with the 10-year BTP/Bund spread 1bp wider at 122bps.
  • The Bank of Spain said that recent floods are likely to reduce GDP by 20bps in Q4.
  • The remainder of today’s regional calendar is light, with de Guindos, Stournaras and Makhlouf scheduled to speak this evening.