MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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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PREVIEW - 40-Year JGB Auction Due

JGBS

The Japanese Ministry of Finance (MoF) will today sell Y700bn of 40-Year JGBs. The MoF last sold 40-year debt on 22 May 2024, the auction drew cover of 2.21x at a high yield of 2.270%, a low price of 98.17, with 26.3829% of bids allotted at the high yield.

  • The late May auction of 40-year JGBs encountered a tepid reception, with the actual high yield overshooting dealer expectations. As per the BBG poll, the anticipated yield was projected at 2.26% versus the realised yield of 2.27%.
  • Adding to the lacklustre response, the cover ratio declined to 2.21x from 2.487x observed in the late May auction.
  • Today’s supply follows solid demand metrics at July's 20- and 30-year JGB auctions. The 20-year supply experienced an increase in the cover ratio and a shorter auction tail, whereas the 30-year auction beat dealer expectations but with a lower cover ratio.
  • The current 40-year auction yield is approximately 15bps higher than in late May, with the 20/40 yield curve in the middle of the year’s range at +55bps.
  • Results are due at 0435 BST / 1235 JST.
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