MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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 Yields Open A Touch Lower, 5Y Auction Later

US TSYS
  • Jun'24 10Y futures are a touch higher this morning, now trading up + 02 at 110-18+, and off the lows made on Monday of 110-15. Later today there will be a $67b 5y bond auction.
  • Looking at technical levels: Initial support lays at 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low), to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 111-00+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • Cash treasuries steepened out to the mid curve overnight, with yields 3-5bps. As trading gets underway in Asia for Tuesday, yields are reversing some of those moves. The 2yr is -0.9bps at 4.617%, 10yr is -0.8bp to 4.238%, while the 2y10y is -0.609 at -38.822.
  • Looking ahead: Later today Durable & Capital Goods Orders
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