MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

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

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

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

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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Futures A Touch Stronger, Back Within Established Range

JGBS

In post-Tokyo trade, JGB futures gained ground, finishing +7 compared to settlement levels, while US Tsys largely consolidated after three consecutive days of cheapening. After the bell, the US Tsy 2/10 cash curve displayed a mild flattening bias, despite a flurry of economic data and US earnings.

  • Overnight strength has brought JGB futures back within the range of 147.40-147.92 , which it has generally traded in since early April. Yesterday, JGB futures briefly fell below the bottom of the range, following the weaker lead from US Tsys on Monday.
  • Late Tuesday we saw BoJ Governor Ueda once again play down talk of the need to alter the BoJ-government accord re: inflation, at least for now, playing into the policy continuity mindset, at least in the immediate term.
  • The monthly Reuters Tankan survey for April showed big Japanese manufacturers remain gloomy for a fourth straight month as jitters over Western banks added to slowing global growth, dimming prospects for an export-led recovery.
  • The local calendar is scheduled to release February Capacity Utilisation and the final estimate of Industrial Production for February.
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