MNI China Daily Summary: Friday, December 27

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MNI JAPAN NOV JOBLESS RATE AT 2.5%, UNCHANGED FROM OCT

US EIA:NAT GAS STORAGE -93 BCF TO 3,529 BCF DEC 27 WK

MNI: US JOBLESS CLAIMS -1K TO 219K IN DEC 21 WK

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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US TSYS: Near Late Session Highs, Post-Auction Sentiment Improved

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • US markets returned from Christmas holiday to weaker stocks and rates Thursday, 10Y yield climbing to 4.6393% high ) early May levels in early trade. Lower volumes on the day with European markets still closed for the Christmas holiday.
  • Limited data reaction: Initial jobless claims came out near steady in the Dec 21 week, coming in at 219k (220k prior, unrevised), thus coming in a little below the 223k expected. However, continuing claims (Dec 14 week) were more mixed: the 1,910k was above the 1,881k expected but this was offset by a 13k downward revision to prior (1,864k).
  • Treasury futures gapped higher after the strong $44B 7Y note auction stopped 2.2bp through with high yield of 4.532% vs. 4.554% WI, indirect take-up surged to a new record high of 87.88% from 64.08 prior (this years low).
  • The Mar'25 10Y contract climbed to 108-22 high (+4). Initial technical resistance still well above at 110-03.5 (20D EMA). Curves retreated from earlier steeper levels, currently mixed: 2s10s -0.583 at 24.425 (23.998 low vs. 27.611 high), 5s30s +1.662 at 32.778 (30.154 low / 33.404 high).
  • Friday data calendar: Advance Goods Trade Balance (-$101.3B, -$98.3B prior rev), Wholesale Inventories MoM (0.2%, 0.1%) and Retail Inventories MoM (0.1%, 0.3%) at 0830ET.
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  • US markets returned from Christmas holiday to weaker stocks and rates Thursday, 10Y yield climbing to 4.6393% high ) early May levels in early trade. Lower volumes on the day with European markets still closed for the Christmas holiday.
  • Limited data reaction: Initial jobless claims came out near steady in the Dec 21 week, coming in at 219k (220k prior, unrevised), thus coming in a little below the 223k expected. However, continuing claims (Dec 14 week) were more mixed: the 1,910k was above the 1,881k expected but this was offset by a 13k downward revision to prior (1,864k).
  • Treasury futures gapped higher after the strong $44B 7Y note auction stopped 2.2bp through with high yield of 4.532% vs. 4.554% WI, indirect take-up surged to a new record high of 87.88% from 64.08 prior (this years low).
  • The Mar'25 10Y contract climbed to 108-22 high (+4). Initial technical resistance still well above at 110-03.5 (20D EMA). Curves retreated from earlier steeper levels, currently mixed: 2s10s -0.583 at 24.425 (23.998 low vs. 27.611 high), 5s30s +1.662 at 32.778 (30.154 low / 33.404 high).
  • Friday data calendar: Advance Goods Trade Balance (-$101.3B, -$98.3B prior rev), Wholesale Inventories MoM (0.2%, 0.1%) and Retail Inventories MoM (0.1%, 0.3%) at 0830ET.