MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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NZGBS: Cheaper, $-Bloc Underperformance Continues, Q2 Real Retail Sales Tomorrow

BONDS

NZGBs closed slightly weaker, with benchmark yields rising by 1bp. Despite narrow trading ranges during a data-light session, NZGBs ended the day at their lows.

  • Additionally, NZGBs continued to underperform relative to their $-bloc counterparts, with the NZ-US and NZ-AU 10-year yield differentials widening by 2bps.
  • Today's performance suggests an ongoing reversal of much of the post-RBNZ rate cut rally. While the 2-year yield remains 12bps lower than pre-RBNZ levels, it has climbed 14bps since Friday’s close. Similarly, the 10-year yield is 4bps lower than pre-RBNZ levels but has risen 6bps since Friday.
  • The weekly government bond tender was cancelled today as is standard practice given the bond syndication of the new May-36 earlier in the week.
  • Swap rates are little changed.
  • RBNZ dated OIS pricing is little changed. A cumulative 72bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Q2 Retail Sales Ex Inflation data.
  • Before then, the market will be focused on advance PMIs in Europe and the US and US initial jobless claims.
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