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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STIR: 35bp Of BoE Cuts Priced Through Year-End

STIR
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The post-SONIA settlement rally in core global FI has had a slightly dovish impact on GBP STIRs.

  • BoE-dated OIS little changed to 1bp more dovish, showing 22bp of cuts for November, 35bp of cuts through year-end and 98bp of cuts through June.
  • SONIA futures last 0.25 to 5.0 firmer.
  • This morning’s monthly economic activity data had no real impact on markets, given how close to expectations the GDP prints were. There shouldn’t be any impact on monetary policy either.
  • Looking forwards, expect fiscal speculation to continue to dominate local headlines, while U.S. PPI data headlines the macro calendar ahead of the weekend.

BoE Meeting

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The post-SONIA settlement rally in core global FI has had a slightly dovish impact on GBP STIRs.

  • BoE-dated OIS little changed to 1bp more dovish, showing 22bp of cuts for November, 35bp of cuts through year-end and 98bp of cuts through June.
  • SONIA futures last 0.25 to 5.0 firmer.
  • This morning’s monthly economic activity data had no real impact on markets, given how close to expectations the GDP prints were. There shouldn’t be any impact on monetary policy either.
  • Looking forwards, expect fiscal speculation to continue to dominate local headlines, while U.S. PPI data headlines the macro calendar ahead of the weekend.

BoE Meeting

Keep reading...Show less