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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Move higher on French PMI, but not back on German print

EGBS
  • There has been an interesting dynamic in EGBs this morning. EGBs moved higher on the disappointing French PMI print, with peripheral spreads tightening. Presumably this was driven by hopes of a less hawkish ECB next week.
  • BTPs peaked at 146.39, a few ticks short of the 146.44 20-day EMA.
  • However, following the better than expected German PMI print we have not seen a notable pullback.
  • Next PMI data at 9:00GMT / 10:00CET will be watched as it will include a signal for how the remainder of the Eurozone is faring.
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