MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate 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

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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Remain In Narrow Ranges

US TSYS

US treasuries continue to trade in narrow ranges as in the Asia session, with cash benchmarks 1bp cheaper to 2bps firmer on the day.

  • The 2s10s curve is seen flat today at -23.3bps while the 5s30s shows light twist steepening to trade around 2bps steeper at 13.8bps
  • Treasury futures remain below the 20-day EMA at 107-00+ having printed a high of 106-18 overnight. The Oct 19 low at 105-10+ remains the first support.
  • Firmness seen post-flash PMIs yesterday continues to hold, with the stronger-than-expected Australian CPI seen overnight not prompting major moves.
  • News that Country Garden has defaulted on its first USD bond was also looked through, with markets seemingly already priced for this eventuality.
  • German IFO data for October, Eurozone money supply are the morning highlights ahead of the Bank of Canada decision at 1500BST. Both Lagarde and Powell make public appearances in the evening, but both will steer clear of policy given the ECB, Fed media blackouts.
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