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

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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Treasury Futures Edge Higher As Volumes Surge, Weekly Claims Later

US TSYS
  • US treasury futures volume has surged today, initially volumes picked up after what looked to be stopped being triggered, ~160k TY contracts have traded as we head into the Asia break over double the recent volume for this time of day, the contract trades near intraday highs at 109-30+ up (+ 07+), TU briefly traded above overnight highs, tapping 101.29.75 but has been met with sellers and now trade back at 101-29 up ( +01.125)
  • The treasury curve has flattened today with yields 1-3bps lower, the 2Y yield -1.3bps at 4.711%, 10Y -2.1bps to 4.319%, while the 2y10y -0.866 at -39.447
  • Looking across local rates markets: NZGBs yields are 8-10bps lower, ACGBs yields are 11-12bps lower, JGBs are 0.5bp - 4bps lower, while in the EM space INDON yields are 8-15bps lower and PHILIP yields are 5-12bps lower
  • Short end rate cut pricing now projects two 25bp rate cuts by year end (Sep & Dec)
  • Looking Ahead: Weekly Claims, Build Permits and more Fed Speak
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