MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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Post-LIBOR Settle Update,

US EURODLR FUTURES

Lead quarterly EDH2 gains slightly, +0.005 to 99.355 after latest 3M LIBOR set' recedes -0.00143 to 0.47957%, benchmark down -0.02686 total for the week.

  • Balance of Whites (EDM2-EDZ2) through Reds (EDH3-EDZ3) trading steady to +/-0.005, Greens (ED4-EDZ4) through Golds (EDH6-EDZ6) firmer by +0.010.
  • Market pricing liftoff -- leaning back towards 25bp rather than 50 bp hike at the next FOMC annc on March 16 after more aggressive levels priced in Monday.
  • Fed speakers do NOT include StL Fed Bullard today:
    • 1045ET: Chicago Fed Evans, Fed Gov Waller, Booth policy forum, NY
    • 1100ET: NY Fed Williams, eco outlook, w/ text/Q&A, NY City Univ
    • 1330ET: Fed Gov Brainard, digital currency, Booth forum, text/Q&A
  • Policy uncertainty: Green March'24 at 97.795 still trading 0.045 over Red Dec'23.
  • Option trade: call volume continues to rise: total March volume near 39k, open interest +19,821; May calls near 50k, OI +23,862; Jun calls 62k, OI +10,831 according to CME prelim data.
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