MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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Tsys Futures Closed Off Highs On GDP Beat, Short-End Underperforms

US TSYS
  • Treasury futures finished mixed on Thursday, well off session highs with the short-end weaker following a strong rally this week as curves flattened. TYU4 neared initial technical resistance of 111-13+ (July 16 high) as GDP data was released before finishing at 110-25+ (+ 04), while TUU4 finished -0-01⅞ at 102-16.
  • Cash treasury curves bull-flattened with yields flat to 6bps lower, the 2y closed unchanged at 4.431% and the 10y closed -4.3bps at 4.241%, the 2s10s fell from yearly highs of -11.301 made earlier in the session finishing -4.099 at -19.202
  • Data was mixed overnight, with GDP coming in well above expectations at 2.8% vs 2%, Initial jobless claims pulled back slightly more than expected to a seasonally adjusted 235k (cons 238k) in the week to Jul 20 after an upward revised 245k (initial 243k), while durable goods orders unexpectedly collapsed in June, t (-6.6% M/M vs +0.3% expected, +0.1% prior)
  • Projected rate cut pricing into year end scaled back from this morning's highs (*): July'24 at -6.5% w/ cumulative at -1.6bp (-2.6bp) at 5.313%, Sep'24 cumulative -27.8bp (-31.3bp), Nov'24 cumulative -43.9bp (-48.7bp), Dec'24 -66.2bp (-71.1bp)
  • Focus turns to Friday's personal income & spending data and UofM inflation sentiment.
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