MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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Marginally Cheaper Ahead of Solid Data Docket, 5Y Issuance

US TSYS
  • Cash Tsys trade +0.5-1.5bp cheaper across the curve for a mild bear steepening on the day, albeit with yesterday’s new 2Y issuance distorting historical 2s10s spreads which currently sit at -96bps from beyond -100bps in the past two sessions.
  • Today sees a solid docket, including preliminary core durable goods, housing data and consumer confidence (plus potential spillover from CAD CPI) before 5Y supply.
  • 2YY +0.6bp at 4.687%, 5YY +1.1bp at 3.979%, 10YY +1.2bp at 3.733%, 5YY +1.5bp at 3.830%.
  • TYU3 trades 3+ ticks lower at 113-03+ off lows of 113-01 amidst subdued cumulative volumes of just 200k. The bear threat remains present with the trigger at 112-12+ (Jun 14 low) after which lies 112-00 (May 10 low).
  • Data: Durable goods May prelim (0830ET), FHFA house price index Apr (0900ET), S&P CoreLogic house price index Apr (0900ET), New home sales May (1000ET), Conf Board consumer confidence Jun (1000ET), Richmond Fed mfg index Jun (1000ET), Dallas Fed services activity (1030ET).
  • Note/bond issuance: US Tsy $43B 5Y Note auction (91282CHK0) – 1300ET
  • Bill issuance: US Tsy $50B 42D Bill CMB auction – 1130ET
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