MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% 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

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

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

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SOFR Futures Update

STIR
  • SOFR futures are well off knee jerk lows on wide 0.10-0.11 ranges after the BOE's 50bp rate hike to 5%. More surprising than the higher than expected rate hike, is the rebound as markets see the move to address inflation as late in the cycle, ergo bringing forward timing of a rate cut. Caveat: lack of meaningful forward guidance from the BOE said to limit hawkish reactions.
  • Front month Jun'24 SOFR futures are holding +0.0025 at 94.7725 after 3M SOFR settled +0.01713 to 5.24626 (+.03942/wk). The balance of Whites (SFRU3-SFRH4) are trading -0.010-0.035, Reds-Golds (SFRM4-SFRH8) -0.040-0.015.
  • Projected 25bp rate hike at one of the next three FOMC meeting gains later in the year. Market confidence of a hike at the July 26 FOMC steady around 72% with an implied rate of +17.9bp to 5.262%, September and November pricing in appr 92%-100% with cumulatives of +23bp and 25.5 respectively at 5.31-5.339%. Dec'23 cumulative climbs to 17.7bp at 5.261%.
  • Fed terminal at 5.34% in Nov'23 this morning.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.