BOC WILL BE CONSDIERING FURTHER RATE CUTS

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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

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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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GoC Underperformance Emerges As Retail Sales Come Into Focus

CANADA
  • US factors remain at large for Canadian FI, although after tracking Tsys for most of the day GoCs have recently opened up some underperformance, led by the front end with 2YY +12.3bps vs +9bps.
  • Near-term BoC-dated CORRA OIS shows +10bp for the Sep BOC (from 8.5bp yesterday) building to a cumulative 21bp by year-end (from 17bp).
  • Further out, BAX spreads have increased, with the Sep’23-Dec’24 tightening to -85bps from -97bps yesterday but still off the -65bps seen before US CPI/BoC decision on Jul 12.
  • CAD retail sales are the next domestic focal point tomorrow at 0830ET, after the May advance print indicated a solid 0.5% M/M.
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