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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Fresh Covid Jitters

GILT SUMMARY

Gilts have given back some of the earlier gains, but remain bid on the day.

  • The government's decision to force much of SE England including London into a new Tier 4 regime to battle surging coronavirus infections has triggered the risk-off shift. Concerns over a new strain of Covid has prompted much of Western Europe to suspend travel to the UK, further elevating economic stresses ahead of Brexit.
  • Gilt yields are now 4-6bp lower on the day with the 2s30s spread 2bp narrower. Last yields: 2-year -0.1212%, 5-year -0.0883%, 10-year 0.1999%, 30-year 0.7507%.
  • The Mar 21 gilt future trades at 135.39, towards the bottom end of the day's range (L: 135.32 / H: 135.86).
  • The short sterling futures strip has flattened. Whites are up 1.5-3.5 / blues up 5.0-5.5 ticks.
  • Tomorrow sees the release of public finance data for November alongside final estimate of Q3 GDP.
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