MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rates Reverse Post Jobs Move, 30YY Slips Below 3.15%

US TSYS
Rates trade strong after the bell, futures more than make up for Fri's sell-off on stronger than exp June employ report (+372k vs. +268k est).
  • Strong moves on light summer volumes, however, many accts near the sidelines to await Wed's CPI data: MoM (1.0% prior, 1.1% est); YoY (8.6%, 8.8%).
  • Treasury futures held near highs, little react after $43B 3Y note auction's (91282CEY3) modest stop through: 3.093% high yield vs. 3.095% WI; 2.43x bid-to-cover vs. 2.45x last month.
  • Yield curves extended bull flattening for the most part: 5s30s +1.091 at the moment at 12.770, while 2s10s extends inversion to -8.229 (-5.171), 2s5s at -2.431 (-3.680).
  • Short end trades strong, however, after KC Fed George pushed back against need for "supersized" rate hikes, citing recession risks, unpredictable impacts from tightening financial conditions and market volatility. Markets had briefly started pricing in small chance of 100bps hike after Fri's data.
  • Cross asset: Crude and Gold prices remain weaker: WTI at 103.74 -1.05, Gold -8.60 at 1733.82; Equities near lows: SPX emini futures ESU2 -45.25 at 3856.0.
  • Reminder: Earnings season kicks off this week, with financials and banks the early focus. Just over 5% of the S&P 500 by market cap are due to report, with the releases in focus including JP Morgan, Morgan Stanley, BNY Mellon, BlackRock, Citigroup, State Street, UnitedHealth and Wells Fargo.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.