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

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

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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GoCs Follows Treasuries Richer After Initial Retail Sales Outperformance

CANADA
  • The rally in GoCs has continued further, with 2 through 10Y yields now 10.5 to 12.5bps lower on the day (bit over half since retail sales). After the initial outperformance of GoCs to Tsys on the retail data, this latest move looks more in keeping with the recent rally in Treasuries.
  • In rates space, BoC-dated CORRA OIS shows +7.5bp for the Sep 6 decision when based off the recent step higher to 5.02% for CORRA.
  • Further out, BAX inversion builds with BAU3/Z4 at -56bps from -49bps at yesterday’s close (and fresh high since September), but it’s only back to Tuesday’s close.
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