MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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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Euribor Futures Firmer As Core EGBs Find Early Support

STIR

Euribor futures are flat to +2.5 through the blues as core EGBs move higher in early European trade.

  • Chinese economic data and notable EGB-related cash flows may be supporting EGBs early today.
  • A reduction in the size of BoJ bond purchases capped core global FI markets during Asia hours.
  • ECB-dated OIS contracts price 22bps of cuts through the June meeting, with a cumulative 68bps of cuts priced through year end.
  • Back on Friday, our policy team’s latest sources piece outlined the importance of Fed policy and geopolitics when it comes to ECB policy rate moves beyond June, with cautious preferences evident amongst the Governing Council.
  • Today’s Eurozone calendar is very light, with little data and no scheduled ECB speakers.
  • Looking ahead, this week includes final April EZ HICP figures and the second estimate of Q1 EZ GDP, though US CPI on Wednesday provides the main point of macro interest.


    • Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
    Jun-243.679-22.2
    Jul-243.624-27.7
    Sep-243.440-46.2
    Oct-243.369-53.2
    Dec-243.221-68.0
    HomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsEuropean Central Bank (ECB) Market News

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