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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Periphery a Little Tighter To Start, BTPs Outperform

EGBS

The combination of the uptick in benchmark equity indices (although that has pared back from extremes) and the softer-than-expected German PPI data promotes some peripheral spread tightening to Bunds early today.

  • 10-Year BTPs are ~2bp tighter as Italian paper outperforms on the aforementioned drivers/higher beta nature, with more modest moves seen in the remainder of the periphery/Bund spreads.
  • Outside of macro news flow there will be some focus on DBRS Morningstar’s scheduled rating update re: Portugal (current rating: A, Stable Trend).
  • A reminder that Portuguese fiscal dynamics have been supportive for PGBs and the Portuguese sovereign rating, resulting in a raft of PGB tightener recommendations in recent memory.
  • Still, the fact that DBRS’ A rating of the country is in line with 2/3 of the bigger rating agencies (with S&P currently one notch below at BBB+; Outlook Positive) and the trend (outlook) sitting at stable limits the scope for an outright upgrade after hours today.
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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.