MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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Narrow Ranges In Asia

US TSYS

TYZ3 deals at 106-13+, -0-02, a 0-06 range has been observed on volume of ~91k.

  • Cash tsys sit 1bp cheaper to 1bp richer across the major benchmarks, the curve has twist flattened pivoting on 5s.
  • Tsys firmed off session lows alongside regional equities firming and pressure on the USD as risk sentiment improved through the Asian session. However ranges remain narrow with little follow through on moves thus far.
  • The recovery came after an early move lower as participants faded yesterday's richening, perhaps using the opportunity to close long positions/add fresh shorts. Several block sellers of TY, 2 clips of 3k, also weighed.
  • Flash PMIs from Europe and the UK headline the European session. Further out we have flash S&P Global PMIs, Philly Fed Non-Mfg Index and Richmond Fed Mfg Index. The latest 2-Year Supply is also due.
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