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 Tracking Treasuries Cheaper Ahead Of US CPI

CANADA
  • GoCs have mostly tracked the cheapening in Tsys since their open, tilted to a slight steepening with 2YY +2bp and 10YY +2.5bp.
  • The continued climb in 2Y yields to ~4.72% sees them touch highs since early Aug 30 before rallies on a succession of softer than expected US data releases.
  • US CPI headlines at 0830ET, before 2Y supply at 1200ET with the re-open of the 4.5% Nov-25 after recent auctions have seen bid-to-cover at the lower end of historical readings. Today’s local data is limited to national balance sheet and financial flow accounts for Q2.
  • BoC-dated CORRA OIS pencils in +9.5bp for next month's meeting with a cumulative +14bp in Dec.
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