MNI China Daily Summary: Wednesday, December 11

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

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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 Lower Post Lunch Break, Despite Reasonable 10yr Auction

JGBS

JGB futures fell post the 10yr auction result, although demand metrics looked reasonable at face value. The 10yr future was last 144.43, -.17 versus settlement levels. Lows rest at 144.39, which aren't too far away from earlier August 6 lows at 144.30.

  • The 10yr auction saw a bid to cover ratio of 3.17, versus 2.975 at the auction in early August. The tail was also down to 0.09 versus 0.50 at the prior auction.
  • Spill over from US TSYs doesn't look meaningful, with US Dec 10yr futures up from recent lows.
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