MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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CREDIT UPDATE
  • Second session of low vol with a firm skew tighter in €IG and match in $IG. Risk free rates (bunds +8, UST +14) showing little signs today of total return investors throwing the towel in but the flows that follow in the coming week alongside how a unch primary pace is met will be the better indicators.
  • Strong beat on May US labour data/NFP has been the driver for todays rates sell-off but we did have a small shift higher in bunds this morning on Q1 final GDP details. It showed Eurozone Q1 compensation per employee accelerated to 5.1% exceeding Eurosystem staff’s latest forecasts of 5.0% and Q4’s 4.7% print.
  • Worth noting for those with hedging discretion, we continued a one way move tighter in swap spreads; 5y -2bps this week.
  • Again low vol in equities. Movers in €IG were Vonovia (-7%) & Arcadis NV (-5%) both on broker cuts, former likely being weighed on by rates as well. €IG basket ends -0.4%, RE -2.6% the laggard while IT (+0.7%), Healthcare (+0.5%) and financials (+0.2%) brushed past the rates sell-off.
  • Supply expectations have stayed unch across both regions at ~20b.
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