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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Front GoCs Outperform, Local Issuance Perhaps Weighing Further Out

CANADA
  • GoCs are outperforming Tsys at the front end (2YY -5bp vs -3.7bps) but otherwise trade almost in line with the rest of the curve 5.5-6bp richer.
  • Earlier C$ issuance might be helping the longer end trade more in line, with C$1B of the Ontario 2033 (tightest spread in recent months) and C$500m of CPPIB Capita’s 2033.
  • BoC-dated CORRA OIS prices a first BoC cut with the June meeting, something today’s Bloomberg analyst survey supports although a notable name looking for a later cut is GS with their call for Q3.
  • Beyond that, 3-month CORRA futures show cut expectations widening to 82bps on a Z3/Z4 basis, for what would be the largest close since the 85bp after CAD CPI on Nov 21.
  • Tomorrow sees US factors likely in the driving seat with next major local data focus on GDP data on Nov 30.
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