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

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Richer In Asia, Cross Market Flows Dominate

US TSYS

TYH3 deals at 112-07, +0-05+, a touch off the top of the 0-11+ range on volume of ~138K.

  • Cash Tsys sit 1-2bp richer across the major benchmarks.
  • Cross-market flows from ACGBs dominated in early dealing, as Tsys initially followed ACGBs lower pre-Australian labour market report.
  • An unexpected uptick in Australian unemployment then saw ACGBs unwind early losses facilitating a recovery from session lows in Tsys.
  • Pockets of screen buying in TY futures aided the bid, with a block buyer in FV futures also noted.
  • The richening held through the remainder of the session.
  • ECB speak from Panetta headlines the European session. Further out we have PPI, Jobless Claims, Housing Starts and the Philadelphia Fed Manufacturing Index. Cleveland Fed President Mester and St Louis Fed President Bullard will cross. We also have the latest 30-Year TIPS supply.
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