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MNI China Daily Summary: Friday, December 6

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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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US Inflation miss drives Yield lower

BONDS
  • A busier afternoon session, following the US CPi miss.
  • Unrounded % M/M figures: Headline -0.019%, Core: 0.313%.
  • Unrounded % Y/Y figures: Headline 8.525%; Core: 5.911%.
  • The M/M headline unrounded was negative, first time since May 2020.
  • The M/M core unrounded was the lowest since Sept 2021.
  • EGBs and Bund spiked, with the latter jumping 143 ticks with just 14k lots.
  • Equities rallied, on cheaper money for longer, and US swap market now price 58bps for Sep FOMC.
  • Govies and rates market have faded from their respective highs, but are still elevated.
  • Peripheral spreads are mixed, Greece is 4.5bps wider, while Italy is 3.4bps tighter.
  • Gilt underperforms Germany, bringing the Gilt/Bund spread 1.7bp wider, but well within past ranges.
  • Looking ahead, Fed Evans, Kaskhari and BoE Pill are still scheduled to speak.
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