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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

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

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

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, Curve Flatter, RBA Ahead

BONDS

NZGBs are 3-6bps richer and trading at the session's best levels, as we head into the close. It has been a relatively quiet session, overnight US tsys did very little. The local market is eagerly awaiting the RBA meeting coming up in just over 30 mins.

  • US Tsys yields are little changed today, with futures seeing some block trade activity with a flattener and a couple of fly trades going through.
  • Swap rates are 2bps higher in the front-end, with the long end unchanged to 1bps higher.
  • RBNZ dated OIS pricing is 2-8bps higher today, A cumulative 45bps of easing is priced by year-end.
  • NZGBs are 3-6bps lower today, with better buying in the belly of the curve with yields somewhat pivoting at the 7yr. The 2Y yield is -3.2bps at 4.711%, the 10Y -5.2bps at 4.701%
  • Cross-asset NZD is little changed at 0.6013, Equities are down 0.30% while 5Y CDS is 1bp lower at 14bps
  • Looking Ahead: NZ to Sell 7yr, 10yr 20yr bonds on Thursday and BusinessNZ Manufacturing PMI on Friday
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