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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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, Light Calendar Today, RBA Minutes Tomorrow

AUSSIE BONDS

ACGBs (YM +5.0 & XM +6.6) are richer and at highs following today’s data-light Sydney session. After Friday’s pushback by Fed officials against market expectations for early and aggressive easing in 2024, local participants were watchful of early weakness in US tsys during today’s Asia-Pac session. However, with no follow-through seen, the local market bid returned.

  • Currently, US tsys are dealings flat to 2bps richer, with a light steepening bias apparent.
  • Cash ACGBs are 6-7bps richer, with the AU-US 10-year yield differential 3bps tighter at +16bps.
  • Swap rates are 8-10bps lower, with the 3s10s curve flatter and EFPs tighter.
  • The bills strip shows a bull-flattening, with pricing +2 to +8.
  • RBA-dated OIS pricing is 1-9bps softer across meetings, with early 2025 leading. 57bps of easing is priced by Dec’24.
  • RBA Minutes for the December Meeting are due tomorrow.
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