MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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: Holding Yesterday’s Trimming Of Cut Expectations Ahead Of Fed

STIR
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  • Fed Funds implied rates are fractionally lower on the day for the next two FOMC meetings but beyond that 0.5-1bp higher, having drifted more notably higher yesterday to lift away from post-WFJ/FT lows with help from a retail sales beat.
  • Cumulative cuts from 5.33% effective: 41bp for today, 78bp Nov, 115bp Dec, 152bp Jan and 225bp June.
  • FOMC-dated OIS maintains its recent spread, implying close to 38-38.5bp of cuts for today’s meeting. Either way, we're heading to the meeting with highly unusual uncertainty around its decision.
  • A reminder you can find the full MNI Fed Preview here: https://media.marketnews.com/Fed_Prev_Sep2024_With_Analysts_c11bf0c49a.pdf
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  • Fed Funds implied rates are fractionally lower on the day for the next two FOMC meetings but beyond that 0.5-1bp higher, having drifted more notably higher yesterday to lift away from post-WFJ/FT lows with help from a retail sales beat.
  • Cumulative cuts from 5.33% effective: 41bp for today, 78bp Nov, 115bp Dec, 152bp Jan and 225bp June.
  • FOMC-dated OIS maintains its recent spread, implying close to 38-38.5bp of cuts for today’s meeting. Either way, we're heading to the meeting with highly unusual uncertainty around its decision.
  • A reminder you can find the full MNI Fed Preview here: https://media.marketnews.com/Fed_Prev_Sep2024_With_Analysts_c11bf0c49a.pdf