BOC WILL BE CONSDIERING FURTHER RATE CUTS

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MNI China Daily Summary: Wednesday, December 11

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US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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 In Asia

US TSYS

TYU3 deals at 112-28+, -0-05, a 0-07+ range has been observed thus far.

  • Cash tsys sit 2-4bps cheaper than Friday's closing levels across the major benchmarks, the curve has bear steepened. Cash US markets were closed yesterday for the observance of a US holiday.
  • Tsys firmed off session lows, on spillover from ACGB's rallying after the RBA minutes of the June policy meeting.
  • The move didn't follow through and tsys ticked away from session highs, holding marginally cheaper.
  • Flow wise a block buyer in TU (2k lots) was the highlight.
  • There is a thin docket in Europe today. Further out we have Housing Starts and Philadelphia Fed Non-Mfg. Fedspeak from St Louis Fed President Bullard, NY Fed President Williams and VC Barr will cross.
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