MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

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MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI China Daily Summary: Friday, December 13

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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EUR Market Wrap

CREDIT UPDATE


  • Bunds bull-flattening slightly with 2y/10y yields -0.6bp/-2bp – our DM team flags that this morning’s Spanish and French supply was well digested while a headline on Israel rejecting a Hamas ceasefire request will also be factoring in.
  • Main/XO are -0.4bp/-2.6bp at 53bp/296bp with YTD moves now at roughly -5bp/-15bp. FICM showing €IG/€HY at -0.8bp/-0.3bp though swap spread moves imply roughly flat/+1bp moves vs. govies; within €IG we see Fins outperforming at -1.1bp while Tech underperforms (flat DoD, weighed upon by Teleperformance).
  • SXXP is +0.3% with T&L the notable underperform at -0.9% as Entain (-9%) weighs on gambling in the face of regulatory headwinds cited as a 2024 EBITDA drag. Notable movers include Virgin Money (+36%), Rentokil (+16%) and Teleperformance (-20%) as flagged.
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