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: Midday SOFR Options Roundup

STIR
BulletMarketsFixed Income Bullets

SOFR option trade remains mixed by midday, leaning towards downside puts as underlying futures continue to drift lower, projected rate cuts through year end softening slightly vs early morning levels (*): Sep'24 cumulative -39.8bp (-41.5bp), Nov'24 cumulative -76.3bp (-77.3bp), Dec'24 -113.6bp (-116.0bp). Salient trade includes:

  • +8,000 0QZ4/2QZ4 97.25/97.50 call spd spds, 0.75 net 0QZ4 over
  • +5,000 SFRH5 95.62/95.87 2x1 put spds, 0.5 ref 96.53
  • +4,000 SFRZ4 95.68/95.81/95.93 put flys, 2.0 vs. 95.96/.02%
  • +4,000 SFRX4 95.87/96.12/96.37 call flys 5.5 ref 95.925
  • -4,000 2QV4 96.50/96.62/96.75/96.87 put condor 2.5 ref 97.06
  • +5,000 SFRM5 97.25/97.75 call spds 1.5 over 2QM4 97.50/98.00 call spd
  • +5,000 SFRZ4 95.68 puts 0.75-1.0 over SFRZ4 95.81/95.93/96.12 put flys
  • +15,000 0QV4 96.56/96.93 put spds, 8.0 vs. 97.075/0.14%
  • +8,000 SFRH5 97.75/98.75 2x3 call spds 7.0 ref 96.555
     
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SOFR option trade remains mixed by midday, leaning towards downside puts as underlying futures continue to drift lower, projected rate cuts through year end softening slightly vs early morning levels (*): Sep'24 cumulative -39.8bp (-41.5bp), Nov'24 cumulative -76.3bp (-77.3bp), Dec'24 -113.6bp (-116.0bp). Salient trade includes:

  • +8,000 0QZ4/2QZ4 97.25/97.50 call spd spds, 0.75 net 0QZ4 over
  • +5,000 SFRH5 95.62/95.87 2x1 put spds, 0.5 ref 96.53
  • +4,000 SFRZ4 95.68/95.81/95.93 put flys, 2.0 vs. 95.96/.02%
  • +4,000 SFRX4 95.87/96.12/96.37 call flys 5.5 ref 95.925
  • -4,000 2QV4 96.50/96.62/96.75/96.87 put condor 2.5 ref 97.06
  • +5,000 SFRM5 97.25/97.75 call spds 1.5 over 2QM4 97.50/98.00 call spd
  • +5,000 SFRZ4 95.68 puts 0.75-1.0 over SFRZ4 95.81/95.93/96.12 put flys
  • +15,000 0QV4 96.56/96.93 put spds, 8.0 vs. 97.075/0.14%
  • +8,000 SFRH5 97.75/98.75 2x3 call spds 7.0 ref 96.555