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

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

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

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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PHILIP Curve Flatter, Budget Deficit Narrows

PHILIPPINES
  • The PHILIP curve is slightly flatter today, front-end yields have ticked a touch higher, with the 2Y yield up 1.5bps at 5.20%, 5Y yield is 1bps lower at 5.33%, 10Y yield is 1bps lower 5.44%, while 5yr CDS is down unchanged at 66.5bps.
  • The Philip to US Treasury spread difference has widen in the front-end overnight as the treasury curve bear-steepened, with the 2y is 26bps (+6bps), the 5yr is 68.5bps (-0.5bp), while the 10yr is 82.5bps (-1.5bp).
  • Cross-asset moves: The USD/PHP is down 0.16% at 57.42, the PHP trades just off mulit-year lows, PSEi Index is up 1.20%, while US Tsys yields are 1-2bps higher.
  • In March, the Philippines recorded a budget deficit of 195.9 billion pesos ($3.42 billion), slightly lower than the deficit of 210.3 billion pesos in the same period last year. Despite a year-on-year increase in revenue by 11.32%, reaching 287.9 billion pesos, spending also rose by 3.18% to 483.8 billion pesos. Overall, the budget deficit for January to March amounted to 272.6 billion pesos ($4.75 billion), with revenue up by 14.05% and spending up by 10.72% compared to the same period last year.
  • Looking Ahead, this is little on the calendar for the remainder of the month.
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