MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% 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

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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Late SOFR/Treasury Option Roundup

US TSYS

SOFR and Treasury options remained mixed on modest volume Tuesday, Aug'24 Treasury option squaring ahead this Friday's expiration. Projected rate cut pricing into year end are steady to mildly higher vs. Tuesday morning levels (*): July'24 at -2.5% w/ cumulative at -0.6bp at 5.323%, Sep'24 cumulative -25.1bp (-24.3bp), Nov'24 cumulative -39.6bp (-38.5bp), Dec'24 -62.2bp (-61.1bp). Salient flow includes:

  • SOFR Options:
    • +4,000 SFRZ4 94.68/95.00 2x1 put spds, 0.25 ref 95.31
    • +10,000 SFRX4 95.31/95.43/95.56 call flys, 1.875 ref 95.31
    • +2,000 SFRV4/SFRZ4 95.25 straddle spds, 6.5 net ref 95.30
    • -1,000 0QU4 96.12 straddles, 36.0 ref 96.155
    • +4,000 SFRU5 94.50/SFRZ5 94.50 put spds 2.25, covered
    • 5,000 SFRH5 94.68/95.00 2x1 put spds, 0.5
    • 5,000 SFRU5 96.25/SFRZ5 94.50 1x2 put spds
    • +5,000 SFRQ4 94.68/94.81 put spds 1.0 ref 94.915
    • 5,850 SFRX4 95.31/95.43/95.56 call flys
    • 5,000 SFRZ4 95.50 calls
    • 10,000 SFRZ4 97.00 calls, 1.5
    • 3,000 SFRV4 95.62/SFRZ4 95.50 call spds ref 95.30
  • Treasury Options: Reminder, August options expire this Friday
    • -30,000 TYQ4 110 puts, 1 vs. 110-29.5/0.08% (OI 106,288)
    • +5,000 TYV4 114 calls, 17
    • 1,650 TYQ4 110/110.5 put spds, 4 ref 110-27
    • over 7,900 TYU 112 calls, 20 ref 110-28.5
    • Block/screen, 14,000 TYQ4 110.75 straddles, 31 ref 110-25.5
    • 3,800 wk1 TY 110 put vs. 111/111.5 call spds, expire Aug 2
    • 3,000 FVQ 106.75/107 put spds
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