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

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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Some short cover ahead of the ECB

BONDS
  • It seems some Fast Money intraday short cover as the US comes in, likely Prop and Local desks given the lack of notable clips going through, keeps EGBs off their lows.
  • The 2yr Schatz saw last Friday's low of 105.78 holding so far in early trade, tested a 105.785 low.
  • There's still short of two hours for the ECB decision, and 2 hours before the awaited ECB's Lagarde presser.
  • Gist in the street is that most desks expect limited impact on markets, the presser will likely suggest that the next move will be a cut, will push back against market expectations of policy rate cuts in the near-term, and hints on potential timings will be the interesting part, Summer vs later in the Year?
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