MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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Minor GoC Bull Flattening Awaiting Larger Drivers

CANADA
  • GoCs see a limited bull flattening, with the front end broadly tracking sideways (2YY flat) as the longer end slowly continues last week’s rally (5Y and onwards between -1.5-2bps). It sees reasonable underperformance to Tsys across the curve (rallying 4-6bps).
  • 2YY and 5YY are down less than 0.5bps since the 3Y auction saw the bid-to-cover fall back to lower levels after it spiked in Jan to its highest since BoC data began in 2009.
  • A limited docket today saw weekly consumer confidence consolidate the prior week’s jump higher in what was the largest weekly gain since Feb’22, whilst the PSAC were yesterday said to continue striking after progress for Treasury Board employees but not revenue agency workers.
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