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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PMI Data Weighs, Losses Extend After 2Yr Auction

US TSYS

TYH3 deals at 111-01+, -0-00+, in line with levels seen late in yesterday's NY session.

  • Cash Tsys finished 10-15bp cheaper across the major benchmarks.
  • Tsys were pressured yesterday, spillover from EGBs and Gilts after stronger than expected PMI data from France/Germany and the UK weighed on wider FI space.
  • Weakness in Tsys continued as US PMIs were firmer than forecast, Services and Composite measures printed above 50 however the Manufacturing was still in contractionary territory.
  • Softer than expected home sales data facilitated a brief recovery.
  • Losses were extended as the latest 2-Year Tsy auction tailed, a soft bid/cover ratio was observed and indirect take up fell, with direct take up rising.
  • Corporate issuance activity saw Tsys come under further pressure, as rate locking activity weighed.
  • The RBNZ's monetary policy decision headlines the Asia-Pac session today. Further out we have regional and national CPI from Germany as well as MBA Mortgage Applications. Minutes of the February FOMC meeting headline today’s docket. We also have the latest 5-Year Tsy supply.
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