MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY JAN INDEX 73.2

MNI: CANADIAN NOV BUILDING PERMITS -5.9% MOM

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 MACRO: € Credit Open

CREDIT MACRO
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€ Credit Open

  • Bunds closed on Friday -2bps in 2s & 10s. USTs closed flat/-4bps in 2s/10s although off intraday lows (yield) following weak macro data in PCE, Personal Income and U.of Mich. Open seems to be broadly flat
  • SXXP/SPX saw Europe -0.8% and the S&P +1.1%.  Futures pointing to a positive day with gains of 0.4% for the S&P
  • Main/XO was -.02/-1 on Friday.  Cash was +0.3bps
  • Biggest equity movers were Eli Lilly +1.3 but was up 7% at one stage; Novo Nordisk -21%.
  • HEIMST 6.75% Perp elected to defer its coupon. Technically, the coupon does still accrue and with compounding at 6.75% on the coupon itself but Bloomberg seems to have shifted to trading Flat given the risk of non-payment. Quote convention is for the market to decide.
  • FedEx announced the intention to split-off the Freight business. Bondholders have some protection insofar as the sale of 10%+ of assets must be applied to debt reduction. The process may take 18 months.
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€ Credit Open

  • Bunds closed on Friday -2bps in 2s & 10s. USTs closed flat/-4bps in 2s/10s although off intraday lows (yield) following weak macro data in PCE, Personal Income and U.of Mich. Open seems to be broadly flat
  • SXXP/SPX saw Europe -0.8% and the S&P +1.1%.  Futures pointing to a positive day with gains of 0.4% for the S&P
  • Main/XO was -.02/-1 on Friday.  Cash was +0.3bps
  • Biggest equity movers were Eli Lilly +1.3 but was up 7% at one stage; Novo Nordisk -21%.
  • HEIMST 6.75% Perp elected to defer its coupon. Technically, the coupon does still accrue and with compounding at 6.75% on the coupon itself but Bloomberg seems to have shifted to trading Flat given the risk of non-payment. Quote convention is for the market to decide.
  • FedEx announced the intention to split-off the Freight business. Bondholders have some protection insofar as the sale of 10%+ of assets must be applied to debt reduction. The process may take 18 months.