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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MONTH END

CROSS ASSET

BONDS: Barcap

  • US Treasuries: +0.07yrs (small)
  • EU Pan Govies: +0.11yrs (Decent, large)
  • Sterling Agg: : +0.23yrs (HUGE)

FX: Citi:

  • They see FX hedge rebalancing estimate pointing to pretty balanced month-end flow. They don't see strong USD buy-signal.
EQUITY:
  • (As per FT) BofA estimates US private pensions alone will need to pull around $88bn out of equities and plough it into bonds, which analysts said was "historically significant" compared to the past three years.
  • (As per FT) Balanced mutual funds are expected to sell $136bn of equities to buy fixed income, according to JPMorgan estimates. Among stores of sovereign wealth, the bank expects Japan's $1.6tn state pension fund GPIF will shift $44bn while Norway's giant oil fund would need to move around $70bn to meet its target allocation.
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