MNI BRIEF: Yuan's Global Payment Share Falls Again In October

MNI: PBOC Net Injects CNY141.9 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1934 Thurs; -0.93% Y/Y

CHINA PBOC CONDUCTS CNY470.1 BLN VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1934 THURS VS 7.1935

MNI China Daily Summary: Wednesday, November 20

MNI: FRANCE NOV MANUF SENTIMENT AT 97

MNI: UK OCT PSNCR GBP11.13 BN

EZ/UK Bond Supply Calendar: Spain, France Auction; UK Tender

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Stimulus Less Than Hoped?

US TSYS SUMMARY
Tsy futures traded firmer into the closing bell -- catching a bid as Pres Biden talks to nation over relief plan. Note MNI story broke at same time:
  • MNI EXCLUSIVE: Biden's Relief Plan Likely To Be Slimmed To $1T
Futures still holding near mid-range not only for the session but since January 14, generally quiet end to the week, yld curves mixed on moderate volumes (TYH1 just over 1.1M). Modest volumes (TYH1 just over 1M) on a quiet end to a week where participances focused on Pres Biden inauguration and Covid-19 data.
  • Early session: Intermediates to long end drew quick selling after better than expected MFG (59.1 vs. 56.5 est) and Services PMI (57.5 vs. 53.4 est), equities inched off lows as risk-on tone gained slightly. Yield curves flattening after climbing to new 4+ year highs yesterday.
  • That said, there were heavy Tsy steepener blocks crossed on the day in 5s30s (27,575 FVH vs. 3,000 USH) and 2s/ultra-10s (19,258 TUH vs. 5,620 UXYH) around midmorning.
  • Eurodollar futures saw ongoing heavy Blocks: 10,000 2Y bundles (EDH1-EDZ2, Whites through Reds) +0.0025 from 0926-0929ET, adds to late Thu: Blocks 12,500 2Y Bundles (White+Reds or EDH1-EDZ2), +0.0075; and 7,500 White packs (EDH1-EDZ1) crossed at 0.0075. may be related to talk ICE will annc end of LIBOR date early next week.
  • The 2-Yr yield is up 0.4bps at 0.123%, 5-Yr is down 1.4bps at 0.4311%, 10-Yr is down 2bps at 1.0855%, and 30-Yr is down 2.1bps at 1.8487%.
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