MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

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MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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BONDS: NZGBS: Subdued Start After Xmas Break

BONDS
BulletMarketsFixed Income Bullets

In local morning trade, NZGBs are flat to 1bp richer as trading resumes after the extended Xmas holiday. 

  • Overnight, US tsy yields ended little-changed after a blockbuster auction for freshly issued seven-year notes helped revive demand in afternoon trading. 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).
  • Friday US 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.
  • Swap rates are flat to 2bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing is unchanged. 54bps of easing is priced for February, with a cumulative 123bps by November 2025.
  • Today, the local calendar is empty.
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In local morning trade, NZGBs are flat to 1bp richer as trading resumes after the extended Xmas holiday. 

  • Overnight, US tsy yields ended little-changed after a blockbuster auction for freshly issued seven-year notes helped revive demand in afternoon trading. 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).
  • Friday US 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.
  • Swap rates are flat to 2bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing is unchanged. 54bps of easing is priced for February, with a cumulative 123bps by November 2025.
  • Today, the local calendar is empty.