MNI China Daily Summary: Monday, January 27

MNI BRIEF: China Industrial Profits Up 11.0% In December

MNI: China CFETS Yuan Index Down 0.45% In Week of Jan 24

MNI NBH WATCH: Base Rate To Hold At 6.5% Despite Price Uptick

MNI: PBOC Sets Yuan Parity Lower At 7.1698 Mon; -1.06% Y/

MNI: PBOC Net Injects CNY175 Bln via OMO Monday

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: Austria Synd, NE, IT, UK, DE Tues

MNI: US DEC NEW HOME SALES +3.6% TO 0.698M SAAR

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: EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are flat at 2.21%/2.51% - DM flagged that OAT and BTP futures led the morning rally, seemingly driven by the bid in equities. Several ECB policymakers provided comments from Davos, including President Lagarde, but were in line with market pricing.
  • Main/XO are -0.5bp/-2bp at 53.6bp/288bp while €IG looks -0.6bp on average. Primary today comes exclusively from banks and consumer as per our earlier recap. €IG curve movers include NFLX (4-5 tighter on results), ITM 29s (+4 on supply), BARY 29s (+4 on results), APTV (2-7 tighter on M&A), MACIFS (2-4 tighter), LLOYDS (up to 4 tighter again on possible auto finance intervention).
  • SX5E/SPX futures are +0.9%/+0.4% at 5229pts/6111pts. €IG movers include adidas AG (+7%), Intermediate Capital Group PLC (+6%), Siemens Energy AG (+5%), Barry Callebaut AG (-7%), easyJet PLC (-4%).
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  • 2y/10y bunds are flat at 2.21%/2.51% - DM flagged that OAT and BTP futures led the morning rally, seemingly driven by the bid in equities. Several ECB policymakers provided comments from Davos, including President Lagarde, but were in line with market pricing.
  • Main/XO are -0.5bp/-2bp at 53.6bp/288bp while €IG looks -0.6bp on average. Primary today comes exclusively from banks and consumer as per our earlier recap. €IG curve movers include NFLX (4-5 tighter on results), ITM 29s (+4 on supply), BARY 29s (+4 on results), APTV (2-7 tighter on M&A), MACIFS (2-4 tighter), LLOYDS (up to 4 tighter again on possible auto finance intervention).
  • SX5E/SPX futures are +0.9%/+0.4% at 5229pts/6111pts. €IG movers include adidas AG (+7%), Intermediate Capital Group PLC (+6%), Siemens Energy AG (+5%), Barry Callebaut AG (-7%), easyJet PLC (-4%).