MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

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MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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Firmer In Volatile Asian Session

US TSYS

TYH3 deals at 112-19+, +0-10, 0-02 shy of the top of its 0-09 range on volume of ~86K.

  • Cash Tsys are closed until the London session today due to the observance of a Japanese holiday.
  • Tsys futures have see-sawed higher in the Asian session, gapping higher at the open as softer than expected official Chinese PMI data from the weekend added support, before paring gains as e-minis sharply reversed early gains in the limited liquidity environment..
  • In the absence of macro headline drivers cross-asset flows continued to dominate. Early weakness in the Hang Seng reversed, spilling over into wider markets, with e-minis trading higher weighing on the USD and allowing Tsy futures to print fresh daily highs.
  • The space looked through a marginally weaker than expected Caixin Mfg PMI print from China as well as news of US$ supply from Hong Kong & Kexim Bank
  • In Europe today we have German state and national CPI readings. The U.S. highlights of the week include the NFP report, minutes from the December FOMC meeting & monthly ISM surveys.
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