MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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Treasuries Rally After Setting Fresh Cycle Highs

US TSYS
  • Cash Tsy yields have rallied off new cycle highs, initially seemingly on spillover from Gilts retracing before a broader bid most recently to leave them modestly richer across the curve. The front and very long ends underperform, the former coming as Fed Funds futures earlier priced a 5% terminal rate for the May’23 FOMC.
  • 2YY +0.3bps at 4.559%, 5YY -2.5bps at 4.332%, 10YY -2.1bps at 4.113%, and 30YY -0.2bps at 4.123%.
  • TYZ2 trades 3+ ticks higher at 110-03+ on solid volumes. It's off a session low of 109-19+ that forms new support having cleared the psychological 110-00 and 109-23+ (Nov 30, 2007 low, cont) after which lies 108-18+ (1.00 proj of Oct 4 -11-13 price swing).
  • Data: Philly Fed for Oct, weekly jobless claims, existing home sales for Sep and the leading index for Sep.
  • Fedspeak: Harker (’23 voter) then Governors Jefferson, Cook and Bowman
  • Issuance: US Tsy $21B 5Y TIPS auction (91282CFR7) – 1300ET
  • Bill issuance: US Tsy $65B 4W, $55B 8W bill auctions – 1130ET
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