MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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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Narrow Ranges In Asia

US TSYS

TYU3 deals at 110-15+, -0-06, a narrow 0-06 range has persisted on volume of ~65k.

  • Cash tsys sit 1bp richer to 1bp cheaper, the curve has twist flattened pivoting on 7s.
  • Tsys were pressured in early dealing, there was no overt headline driver as participants perhaps focused on the stronger than expected AHE from Friday's NFP report.
  • Losses marginally extended as Chinese inflation was weaker than forecast which weighed on risk sentiment and saw the USD firm off session lows.
  • There was little follow through and narrow ranges persisted for the remainder for the session.
  • In Europe the docket is thin, further out the final print of May Wholesale Inventories crosses. Fedspeak from VC Barr, SF Fed President Daly, Cleveland Fed President Mester and Atlanta Fed President Bostic is also due.
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