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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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: Richer & At Best Levels, 10Y Outperformed $-Bloc, Q4 CPI On Wednesday

BONDS

NZGBs closed 5-6bps richer and close to the session’s best levels. Without data to provide a domestic catalyst, the local market has traded in line with US tsys during today’s Asia-Pac Session. Cash US tsys are currently flat to 2bps richer, with a flattening bias.

  • The NZGB 10-year has slightly outperformed the $-bloc today, with the NZ-US and NZ-AU yield differentials both 1bp tighter.
  • The release of the Performance Services Index is due tomorrow, ahead of Q4 CPI data on Wednesday. Market consensus is expecting an increase of 0.5% q/q from 1.8%. That would see annual inflation dropping to 4.7%, down from 5.6% in the year to September.
  • Swap rates closed 1-5bps lower, with implied swap spreads 3-5bps wider.
  • RBNZ dated OIS pricing closed little changed. A cumulative 88bps of easing is priced by year-end.
  • Trade Minister Todd McClay to meet key leaders in the World Trade Organization, including the director general. McClay will depart New Zealand on January 23.
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