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: Little Changed Ahead Of ANZAC Day Holiday

BONDS

NZGBs closed flat to 1bp richer after trading in a relatively tight range. In the absence of domestic drivers, the market was content to track US Tsys, which were 1-2bp stronger in Asia-Pac trade after a weaker close ahead of the weekend. NZGBs outperformed US Tsys with the NZ/US 10-year yield differential 3bp narrower than Friday’s local close at +58bp.

  • Swap rates are flat to 2bp higher with the 2s10s curve 2bp flatter and short-end implied swap spreads wider.
  • RBNZ dated OIS closed little changed with 20bp of tightening priced for the May meeting. Easing expectations for Feb-24, off the expected terminal OCR of 5.52% (July), are currently 46bp.
  • The Antipodean markets are closed tomorrow for the ANZAC Day holiday ahead of the release of ANZ Business (Thu) and Consumer Confidence (Fri).
  • In Australia, the calendar highlight will be the release of Q1 CPI on Wednesday.
  • Ahead of the local market’s opening on Wednesday, the US data docket will see a raft of second-tier releases with the Chicago & Dallas Feds, S&P/CS House Prices Index and New Home Sales as the highlights.
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