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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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 2bp tighter after higher-than-expected Italian and Eurozone flash July CPI prints helped yields off intraday lows while there wasn’t much material reaction in EGBs to the BoJ’s decision overnight, where rates were hiked 15bp and bond purchases were tapered. Instead, core FI took positive cues from a build-up of geopolitical tensions in the Middle East, after Hamas confirmed its political leader was killed by Israeli strikes.
  • Main/XO are -0.9bp/-4bp at 54.8bp/295bp while €IG/€HY looks flat with only Saint Gobain in the market. Movers include Saint Gobain (up to 10bps wider on supply), Teleperformance (4bps tighter across curve), Eurofins (2-4bp tighter).
  • SXXP is +1% while SPX futures are +1% too. Notable €IG movers include Teleperformance +11%, Kerry Group +6%, ASML +6%, Legrand +6%, BBVA -4%, Tikhehau -4%, Ferrovial -4%, Smurfit Westrock -4%.
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