MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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 $57B 5Y Note Auction

US TSYS/SUPPLY

$57B 5Y-Note auction (91282CDQ1) at the top of the hour, WI currently running around 1.262%, 5.7bp rich to Nov's 1.319% high yield.

  • November auction review: Tsy futures remained under pressure -- near late morning lows after another tail: $59B 5Y note auction (91282CDK4) 1.319% high yield vs. 1.309% WI; 2.34x bid-to-cover recedes vs. last Oct's 2.55x.
    • Indirect take-up: receded to 56.88% vs. October's 64.78% (2021 high)
    • Primary dealer take-up: climbed to 26.88% vs. 17.85%; Direct take-up lowest since May at 16.24%.

Timing: The 5Y note results will available shortly after the competitive auctions closes at 1300ET. The next 5Y auction is tentatively scheduled for January 25.

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