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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Post-LIBOR Settle Update: Implied Hikes Cycle Highs

US EURODLR FUTURES

Lead quarterly Mar'23 (EDH3) pares gain to +.005 at 94.885 after 3M LIBOR set' climbs +0.02972 to new 16 year high of 4.95786% (+0.04257/wk).

  • Fed funds implied hike for Mar'23 at 30.3bp, May'23 cumulative 56.3bp to 5.148%, Jun'23 72.7bp to 5.312%, terminal at 5.365% in Aug'23.
  • Balance of Eurodollar Whites (EDM3-EDZ3) steady to +0.010, Reds (EDH4-EDZ4) -0.010-0.025, Greens through Golds (EDH5-EDZ7) -0.020-0.030.
  • Current deferred spds vs. prior settles:
    • Jun'23/Sep'23: +0.100 vs. +0.095
    • Mar'23/Red Mar'24: -0.1125 vs. -0.130
    • Jun'23/Red Jun'24: -0.965 vs. -0.990
  • Wednesday option roundup: Better put volumes on net after SOFR saw period of upside call buying post-Bullard as underlying rallied. Put buyers returned post FOMC minutes release as underlying receded, short end under pressure.
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