MNI China Daily Summary: Friday, December 27

MNI BRIEF: BOJ: Rate Hike Chance Nearing; Mull Patiently

MNI: PBOC Net Injects CNY6.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1893 Fri; -2.12% Y/Y

MNI JAPAN NOV FACTORY OUTPUT DROPS 2.3% M/M; OCT +2.8%

MNI JAPAN NOV JOBLESS RATE AT 2.5%, UNCHANGED FROM OCT

US EIA:NAT GAS STORAGE -93 BCF TO 3,529 BCF DEC 27 WK

MNI: US JOBLESS CLAIMS -1K TO 219K IN DEC 21 WK

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

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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Slight Twist-Flattening Of Cash Curve Ahead Of 5Y Supply

JGBS

In Tokyo morning trade, JGB futures are holding near overnight closing levels, +8 compared to settlement levels.

  • Today, the local calendar is empty apart from 5-year supply.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session, after yesterday’s strong post-PPI rally. US CPI is due for release later today. Consensus sees core CPI at 0.2% m/m in July after the far softer than expected 0.065% m/m in June, with a mild skew towards a “low” 0.2% per MNI’s compilation of sell-side previews. (See MNI CPI Preview here)
  • The cash JGB curve has slightly twist-flattened, pivoting at the 7s, with yields 1bp higher to 1bp lower. The benchmark 10-year yield is 1bp lower at 0.836% versus the cycle high of 1.108%.
  • Swaps rates are little changed. Swap spreads are mixed.
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