MNI China Daily Summary: Friday, December 27

MNI BRIEF: BOJ: Rate Hike Chance Nearing; Mull Patiently

MNI: PBOC Net Injects CNY6.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1893 Fri; -2.12% Y/Y

MNI JAPAN NOV FACTORY OUTPUT DROPS 2.3% M/M; OCT +2.8%

MNI JAPAN NOV JOBLESS RATE AT 2.5%, UNCHANGED FROM OCT

US EIA:NAT GAS STORAGE -93 BCF TO 3,529 BCF DEC 27 WK

MNI: US JOBLESS CLAIMS -1K TO 219K IN DEC 21 WK

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

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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FINANCIALS: Financials - Week in review

FINANCIALS
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On the surface a quiet week, with bank and insurance snr paper average spreads only moving -0.2bps and -0.4bps respectively. Underneath French banks were particularly weak as the threat of government collapse looms. https://mni.marketnews.com/3Z8CjsRas In addition, the spectre of downgrades hangs over several of the French banks, with Moody's and Fitch already on negative outlook. https://mni.marketnews.com/4fNSUcG S&P are due to comment this evening, viewing a negative outlook move as the most likely outcome (29/11).

M&A remains a key theme for European financials. Several large European banks and insurance companies have excess capital on balance sheets. Acquirers can both capture this excess capital at targets and shape their own balance sheets to be leaner very rapidly - much more so than years of steady share buybacks. 

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On the surface a quiet week, with bank and insurance snr paper average spreads only moving -0.2bps and -0.4bps respectively. Underneath French banks were particularly weak as the threat of government collapse looms. https://mni.marketnews.com/3Z8CjsRas In addition, the spectre of downgrades hangs over several of the French banks, with Moody's and Fitch already on negative outlook. https://mni.marketnews.com/4fNSUcG S&P are due to comment this evening, viewing a negative outlook move as the most likely outcome (29/11).

M&A remains a key theme for European financials. Several large European banks and insurance companies have excess capital on balance sheets. Acquirers can both capture this excess capital at targets and shape their own balance sheets to be leaner very rapidly - much more so than years of steady share buybacks. 

Keep reading...Show less