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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Twist Flattening With BoE, ECB and Retail Sales Incoming

US TSYS
  • Cash Tsys sit with a twist flattening as the front end broadly maintains the cheaper post-FOMC open whilst the longer end sees an intra-session bid, all within yesterday’s ranges.
  • The Norges Bank and SNB hiked 50bps as expected with the day’s main focus on the imminent BoE decision (no press conference in non-MPR month) and then ECB (press conf) also with 50bp hikes expected.
  • 2YY +2.1bps at 4.230%, 5YY +1.9bps at 3.632%, 10YY +0.5bps at 3.483%, 30YY -1.0bps at 3.523%
  • TYH3 trades 3 ticks higher at 114-26 on average volumes. The trend needle points higher with resistance at 115-11+ (Dec 13 high) whilst support is seen at 113-22+ (Dec 12 low).
  • Data: Retail sales (0830ET) in focus but also get Empire & Philly manufacturing surveys (0830ET), weekly jobless claims (0830ET), industrial production (0915ET), business inventories (1000ET) and TIC flows (1600ET).
  • Bill issuance: US Tsy $45B each 4W, 8W bill auctions
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