MNI China Daily Summary: Monday, December 23

MNI: China Steel Demand Seen Falling Next Year

MNI: China CFETS Yuan Index Up 0.83% In Week of Dec 20

MNI: PBOC Net Drains CNY643.5 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1870 Mon; -2.26% Y/Y

MNI China Daily Summary: Friday, December 20

MNI: CANADA NOV INDUSTRIAL PRICES +0.6% MOM; EX-ENERGY +0.5%

MNI:US NOV DURABLE NEW ORDERS -1.1%; EX-TRANSPORTATION -0.1%

MNI: SPAIN Q3 FINAL GDP +0.8% Q/Q

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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Underperforming EGBs, Treasury Refinancing Estimates Headline

US TSYS
  • Treasuries underperform the rally seen in EGBs after softer than expected Spanish CPI before German regional inflation also indicated a national print on the softer side.
  • Cash yields sit 2.5-4.5bp lower after the late open with Japan out, bull flattening with 2s10s at -34.9bps (-2.2bps) at levels more sustainably seen on Apr 23.
  • TYM4 has touched a high of 107-28 (+ 09+) in a move closer to resistance at 108-15+ (20-day EMA), under slightly below average cumulative volumes of 260k.
  • However, gains are considered corrective with support seen at 107-04 (Apr 25 low).
  • Today’s focus is firmly on Treasury’s quarterly financing estimates at 1500ET – we’ll write more on what to expect a little nearer the time.
  • Data: Dallas Fed mfg Apr (1030ET) – the last of the regional Fed mfg surveys for April.
  • Bill issuance: 1130 US Tsy $70B 13W, $70B 26W Bill auctions (1130ET)
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