MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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 Near Late Highs Ahead Friday's Headline May Jobs Data

US TSYS
  • Treasury futures have quietly pared losses in the second half, extending modest session highs after this morning's gap bid and quick reversal following the ECB rate cut and higher than expected weekly claims.
  • No particular headline driver for the move, just renewed position squaring ahead of Friday's May employment data risk event (Bbg mean estimate +185k vs. +175k prior).
  • Futures are mildly higher, Sep'24 10Y Treasury futures are currently +2.5 at 110-12 vs. 110-13 high, focus on technical resistance at 110-17 (High Apr 4).
  • Cash yields mixed after the bell: 2s -.0024 at 4.7199%, 10s +.0019 at 4.2774%, 30s -.0028 at 4.4269%, while curves look mildly steeper: 2s10s +0.427 at -44.460, 5s30s +0.084 at 13.465.
  • Today’s ECB decision provided little insight surrounding the future path for monetary policy, as Lagarde underscored the Bank’s data-dependent stance, albeit pointing to the likelihood that the ECB has started the “dialing back” of restriction phase.
  • Initial jobless claims in the Jun 1 week ticked up 8k to 229k, the highest in 4 weeks and exceeding consensus estimates of 220k (prior was 221k, rev up from 219k). Continuing claims for the preceding week edged 2k higher to 1,792k, non-impactful given a downward 1k revision to prior (to 1,790k).
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