MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

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

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

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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Fed Speakers Return; Evergrande Still Making Headlines

US TSYS
Heavy overnight volumes (TYZ1>520k) as Tsys trade mildly higher for the most part, 30s little weaker, levels near recent highs on narrow range as China's Evergrande continues to generate angst in mkts after couple bond payments missed overnight.
  • Equities pare back some of Thu's gains (ESZ1 -16.0 at 4422.0), small US$ bounce (DXY +.057). Little knock-on help from weaker EGBs, Italy 10Y +3.6 vs. Bunds.
  • Fed out of blackout, Chairman Powell joins list of speakers today (Fed Chair Powell, Gov Bowman and VC Clarida, Fed Listens event at 1000ET). Otherwise limited data with New Home Sales (712k est vs. 708k prior; MoM (1.0% est) on tap at 1000ET.
  • Oct Tsy options expiring generating some two-way hedging, next week's Tsy 2s, 5s and 7Y auctions helping keep rates in range. Yield curves mixed with short end little flatter (2s10s -1.7 at 114.9) after surging to mid-July levels; 5s30s little steeper but still under 100bp at 99.5.
  • Large Eurodollar volumes, EDZ1 >145k after seller -50k 99.82 (+0.010).
  • Currently the 2-Yr yield is down 1bps at 0.2512%, 5-Yr is down 3.1bps at 0.9174%, 10-Yr is down 2.7bps at 1.4028%, and 30-Yr is down 2.5bps at 1.9152%.
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