MNI China Daily Summary: Wednesday, November 20

MNI BRIEF: Chinese Aluminium Exporters To Renegotiate Prices

MNI BRIEF: BOJ October Real Export Index Falls 4.9% M/M

MNI: PBOC Net Injects CNY69.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1935 Weds; +0.09% Y/Y

CHINA PBOC CONDUCTS CNY302.1 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y

MNI: GERMANY OCT PRODUCER PRICES -1.1% Y/Y

MNI: UK OCT CPI +0.6% M/M, +2.3% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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OI Points to Mix Of SONIA Short Setting & Long Cover On Wednesday

STIR

The combination of Wednesday's general theme of modest cheapening on the SONIA strip and OI data points to the following net positioning swings:

  • Whites: Hard to make any real inference given the unchanged price status of SFIZ3 on the day, with that contract essentially accounting for all of the net OI change in the pack as apparent modest net short setting and net long cover elsewhere virtually offset in net OI terms.
  • Reds: Net short setting was seemingly seen through most of the pack, with only apparent modest long cover in SFIH5 breaking that theme.
  • Greens: Light rounds of net short setting was seemingly seen across all contracts.
  • Blues: An apparent mix of modest short setting and long cover, with the former having greater impact in net pack OI terms.
  • There was little in the way of meaningful domestic inputs, which left some of the wider core global FI themes identified in detail elsewhere at the fore.
10-Jan-2409-Jan-24Daily OI ChangeDaily OI Change In Packs
SFIZ3199,823202,853-3,030Whites-3,094
SFIH4211,154210,668+486Reds+6,785
SFIM4171,087170,613+474Greens+4,221
SFIU4159,010160,034-1,024Blues+1,309
SFIZ4247,712244,157+3,555
SFIH5142,450142,923-473
SFIM5118,723115,249+3,474
SFIU588,81188,582+229
SFIZ598,39995,128+3,271
SFIH687,30487,045+259
SFIM653,87453,254+620
SFIU638,67738,606+71
SFIZ642,42541,533+892
SFIH729,74229,798-56
SFIM716,22216,240-18
SFIU711,10510,614+491
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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