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

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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JGBS: Futures At Session Lows, BoJ Adachi Speech Tomorrow

JGBS
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JGB futures are weaker and at session lows, -21 compared to settlement levels.

  • The final estimate of Japan’s Aug. industrial production was unchanged at -3.3%. Japan’s operating ratio fell to 97.6 in Aug. compared to 103.1 in the previous month.
  • There is also a Liquidity Enhancement Auction for 5-15.5-year OTR JGBs later today.
  • Cash US tsys are flat to 2bps richer, with a flattening bias, in today’s Asia-Pac session after being closed yesterday for Columbus Day. There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic on tap. It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.
  • The cash JGBs curve has bear-flattened, with yields 4bps higher (1-year) to flat (40-year). The benchmark 10-year yield is 2.0bps higher at 0.972% versus the cycle high of 1.108%.
  • Swap rates are 1-5bps higher, with a steeper curve. Swap spreads are generally wider beyond the 1-year.
  • Tomorrow, the local calendar will see Core Machine Orders data alongside a speech by BoJ Board Adachi in Kagawa.
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JGB futures are weaker and at session lows, -21 compared to settlement levels.

  • The final estimate of Japan’s Aug. industrial production was unchanged at -3.3%. Japan’s operating ratio fell to 97.6 in Aug. compared to 103.1 in the previous month.
  • There is also a Liquidity Enhancement Auction for 5-15.5-year OTR JGBs later today.
  • Cash US tsys are flat to 2bps richer, with a flattening bias, in today’s Asia-Pac session after being closed yesterday for Columbus Day. There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic on tap. It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.
  • The cash JGBs curve has bear-flattened, with yields 4bps higher (1-year) to flat (40-year). The benchmark 10-year yield is 2.0bps higher at 0.972% versus the cycle high of 1.108%.
  • Swap rates are 1-5bps higher, with a steeper curve. Swap spreads are generally wider beyond the 1-year.
  • Tomorrow, the local calendar will see Core Machine Orders data alongside a speech by BoJ Board Adachi in Kagawa.