MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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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Late Corporate Credit Update: IG Risk Off Highs As Stocks Surge Post FOMC

US

Corporate credit risk measures reversed course -- receding as stocks surged higher (ESM2 traded just over 4300.0 in late trade) as Fed Chairman Powell ruled out more aggressive 75bp rate hikes to address surging inflation.

  • Investment grade risk measured by Markit's CDXIG5 index currently -1.990 at 78.431 vs. 83.57 pre-FOMC high and 85.238 2-year high on Monday; CDXHY5 high yield index at 102.858 (+.520).
  • Outperforming credit sectors (tighter or least wide): Technology (-2.0), Consumer Staples (-1.8) and Industrials (-1.7).
  • Lagging sectors (wider or least narrow): Financials (subordinated +1.2), followed by Sr Financials (-0.3).
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