MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

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 Yields At Session Highs, OIS Unchanged

BONDS

NZGBs are cheaper with yields at session highs and now testing the August 30 highs. US tsys futures are little changed today, while cash trading is closed for Labor day.

  • With little on the local calendar today, NZGBs largely tracked moves made in the US on Friday. The 2yr yield is +4bps at 4.116%, while the 10yr is +5.2bps at 4.303%.
  • Swap rates are 1bp low to 5bps higher, curve has steepened.
  • RBNZ dated OIS pricing is little changed today, there is 30bps of cuts priced into the October meeting and 72bps of cuts now priced in by November, while there is just under 7 cuts priced in through September next year.
  • New Zealand's average residential property asking price in August dropped to NZ$844,595, the lowest since April 2021, marking a 0.5% decline m/m and a 3.4% decrease y/y. Property listings fell 0.4% m/m but rose 8.1% y/y, with housing stock up 30% compared to last year.
  • Looking ahead this week, we have Terms of Trades Index on Tuesday & ANZ Commodity Prices on Wednesday
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