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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Futures Weaker Overnight, US Tsys Under Pressure From Stronger Consumer Confidence

JGBS

In post-Tokyo trade, JGB futures are sharply weaker, closing -17 compared to settlement levels, after US tsys were pressured by stronger-than-expected Conference Board Consumer Confidence (despite a weak labour differential) and then sizeable tails for 2Y and 5Y auctions. The bid-to-cover metrics were the lowest since Nov’21 and Feb’21 respectively.

  • Fed Kashkari (non-voter) said he doesn’t think anyone has taken rate increases off the table, although he sees the odds of a hike as quite low.
  • The curve steepened with yields 3-9bps higher. The US 10Y yield easily cleared 4.50% to finish at 4.55%, the highest since the May 3 payrolls report.
  • The markets now await Friday's US PCE inflation details for more direction.
  • On the local data front today, Consumer Confidence for May out later. Before that BoJ Board member Adachi speaks in Kumamoto at 10:30 am local time.
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