MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate 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

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

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

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Softer Start, Curve Bull Steepens On Friday

US TSYS

TYZ3 deals at 105-24+,-0-07+, in a soft start to Mondays dealing. TY does remain within recent ranges. A Nikkei report that the BOJ may consider further tweaking its YCC settings is weighing on the space in early trade.

  • Cash tsys finished 3-10bps richer across the major benchmarks, the curve bull steepened.
  • Geopolitics dominated in Friday's session, Tsys trimmed recent losses after Hamas released two US hostages from Gaza and the US pushed Israel to delay its invasion.
  • Participants perhaps using the recent cheapening to square positions as the uncertainty in the Middle East persists added a layer of support.
  • FOMC data OIS price a terminal rate of 5.40% in January with ~55bps of cuts by September 2024.
  • The docket is relatively light this, Q3 GDP on Thursday provides the highlight. On the supply side we have 2-,5- and 7-Year auctions due.
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