MNI China Daily Summary: Thursday, January 9

MNI: BAVARIA DEC CPI 3.0% Y/Y (FLASH WAS 3.2%)

MNI: GERMANY NOV EXPORTS +2.1% M/M

MNI BOJ: 2 OUT OF 9 JAPAN REGIONS UP ECON VIEW FROM OCT

MNI: PBOC Net Drains CNY20.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1886 Thurs; -2.34% Y/Y

MNI: EUROZONE NOV RETAIL SALES +0.1% M/M, +1.2% Y/Y

MNI: GERMANY NRW DEC CPI +0.5% M/M, +2.5% Y/Y

MNI: GERMANY NOV IND PROD +1.5% M/M

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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US TSYS: Futures Re-Open Slightly Weaker After Friday’s Heavy Close

US TSYS
USBulletMarketsFixed Income BulletsNorth America

TYH5 is 108-13, -0-01 from NY closing levels. 

  • Tsy 10-year futures finished Friday weaker and near the session’s worst levels. However, light holiday volumes persisted with the Mar'25 10Y contract dealing in a 10-tic range.
  • The US tsy 10Y yield climbed to 4.625% (+4bps) - the highest since late May'24.
  • US tsy curves forged steeper as the short end outperformed on Friday: 2s10s +4.274 at 29.303, 5s30s +1.979 at 35.496.
  • Short-end bid helped projected rate cuts into early 2025 gain slightly vs. Friday morning levels (*) as follows: Jan'25 steady at -2.7bp, Mar'25 -13.3bp (-13.1bp), May'25 -18.5bp (-17.7bp), Jun'25 -26.5bp (-25.7bp).
  • Tsy futures had pared losses early on Friday after Wholesale Inventories came out lower than expected w/ modest down-revision to prior. Retail Inventories in-line with expectations while the Advanced Goods Trade Balance came out a little wider than October's, with the $102.9B shortfall above $98.3B prior (and $101.2B expected).
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TYH5 is 108-13, -0-01 from NY closing levels. 

  • Tsy 10-year futures finished Friday weaker and near the session’s worst levels. However, light holiday volumes persisted with the Mar'25 10Y contract dealing in a 10-tic range.
  • The US tsy 10Y yield climbed to 4.625% (+4bps) - the highest since late May'24.
  • US tsy curves forged steeper as the short end outperformed on Friday: 2s10s +4.274 at 29.303, 5s30s +1.979 at 35.496.
  • Short-end bid helped projected rate cuts into early 2025 gain slightly vs. Friday morning levels (*) as follows: Jan'25 steady at -2.7bp, Mar'25 -13.3bp (-13.1bp), May'25 -18.5bp (-17.7bp), Jun'25 -26.5bp (-25.7bp).
  • Tsy futures had pared losses early on Friday after Wholesale Inventories came out lower than expected w/ modest down-revision to prior. Retail Inventories in-line with expectations while the Advanced Goods Trade Balance came out a little wider than October's, with the $102.9B shortfall above $98.3B prior (and $101.2B expected).