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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Retracing Yesterday's Rally With Another Solid Docket Ahead

US TSYS
  • Cash Tsys have on balance cheapened through the European session with relatively little spillover most recently from the UK Autumn Statement at typing (small bid), leaving yields firmly within yesterday’s rally-induced range. Should that remain the case, focus will quickly turn to Fedspeak starting with Bullard (’22 voter) at 0800ET and then housing, business activity and jobless claims data before issuance later in the session.
  • 2YY +1.1bps at 4.365%, 5YY +2.6bps at 3.876%, 10YY +3.7bps at 3.727%, and 30YY +2.6bps at 3.866%. 2s10s of -63bp pulls back off yesterday’s multi-decade lows of -67bps.
  • TYZ2 trades 7+ ticks lower at 112-31, off session highs of 113-09+ and yesterday’s high of 113-11, which now forms initial resistance.
  • Fedspeak: Bullard (0800ET), Gov Bowman (0915ET), Mester (0940ET), Gov. Jefferson (1040ET) and 2 x Kashkari (1040/1345ET).
  • Data: Housing starts (0830ET), Philly and Kansas Fed mfg surveys (0830/1000ET) plus usual weekly jobless claims.
  • Issuance: US Tsy $15B 10Y TIPS re-open (91282ZCEZ0) – 1300ET
  • Bill issuance: US Tsy $65B 4W, $55B 8W bill auctions – 1130ET
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