MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

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MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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GILTS: Light Bull Steepening, Supply & Global FI Cues Eyed

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilt futures off opening highs, with core global FI markets seeing some light selling pressure in recent trade.

  • Contract last +10 at 91.50.
  • Bearish technicals intact, initial support at yesterday’s low (91.31), while initial resistance comes in at yesterday’s high (92.13)
  • Yields 1-2bp lower across the curve, light bull steepening.
  • 10s last 4.67%, focus on 4.70% next, yesterday’s high was 4.687%.
  • 30s topped out at 5.25% yesterday, which represents the highest level seen since ’98.
  • 10-Year gilt/Bunds ~2bp tighter on the day, last ~216bp.
  • There isn’t anything of note on the UK data calendar today, which will leave focus on swelling global supply and U.S. data.
  • On the supply front, the DMO will return to market today, looking to sell GBP4.25bln of the 4.375% Mar-30 gilt.
  • This morning has already seen the DMO confirm a syndicated re-opening of the 4.375% 2040 gilt, planned for w/c January 20 "subject to demand and market conditions".
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Gilt futures off opening highs, with core global FI markets seeing some light selling pressure in recent trade.

  • Contract last +10 at 91.50.
  • Bearish technicals intact, initial support at yesterday’s low (91.31), while initial resistance comes in at yesterday’s high (92.13)
  • Yields 1-2bp lower across the curve, light bull steepening.
  • 10s last 4.67%, focus on 4.70% next, yesterday’s high was 4.687%.
  • 30s topped out at 5.25% yesterday, which represents the highest level seen since ’98.
  • 10-Year gilt/Bunds ~2bp tighter on the day, last ~216bp.
  • There isn’t anything of note on the UK data calendar today, which will leave focus on swelling global supply and U.S. data.
  • On the supply front, the DMO will return to market today, looking to sell GBP4.25bln of the 4.375% Mar-30 gilt.
  • This morning has already seen the DMO confirm a syndicated re-opening of the 4.375% 2040 gilt, planned for w/c January 20 "subject to demand and market conditions".