MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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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J.P.Morgan Recommend ERZ4/Z5 Flattener

EURIBOR

Friday saw J.P.Morgan write “we find the Dec24/Dec25 Euribor curve to be too steep and therefore flatteners are attractive on valuations and fundamentals on medium term consideration.”

  • “A “higher for longer” scenario warrants more than 40bp of cuts to be priced in 2025.”
  • “Admittedly, the volatility of this curve has been low over the past few weeks and therefore we believe that this trade offers value only on medium-term considerations.”
  • “The trade offers positive carry given Sep24/Sep25 and Jun24/Jun25 curve levels.”
  • “We also highlight that this curve exhibits a rather poor relationship to yields and thus offers a good diversification to our end-of-cycle/bullish duration exposure theme that we have been advocating over the last few weeks.”
  • As such, they recommend entering a ERZ4/Z5 flattener.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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