MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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US TSYS: Tsys Futures Steady Ahead Of Jobs Data

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures are trading in tight ranges today, Hong Kong equities have taken a breather after their stellar run of late, while a weaker yen has seen Japanese equities well supported. There have been some headlines out that Israel could be planning an attack on Iran's nuclear sites, however little reaction in markets to this. TU is trading -01 at 104-03⅜, while TY is trading -02+ at 114-11.
  • Cash tsys have seen slightly better selling through the belly of the curve, The 2yr is +1bp at 3.652%, vs cycle lows of 3.54% made Sept 24, while the 10yr is trading +1.3bps at 3.794%. Curves have flattened over the past week after the 2s10s hit a high of 22.364 and now trades back at 14.050.
  • Projected rate cuts continue cool a touch vs Wednesday's levels (*): Nov'24 cumulative -34.1bp (-34.4bp), Dec'24 -69.2bp (-70.5bp), Jan'25 -99.6bp (-101.9bp).
  • Today focus will be on Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
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  • Tsys futures are trading in tight ranges today, Hong Kong equities have taken a breather after their stellar run of late, while a weaker yen has seen Japanese equities well supported. There have been some headlines out that Israel could be planning an attack on Iran's nuclear sites, however little reaction in markets to this. TU is trading -01 at 104-03⅜, while TY is trading -02+ at 114-11.
  • Cash tsys have seen slightly better selling through the belly of the curve, The 2yr is +1bp at 3.652%, vs cycle lows of 3.54% made Sept 24, while the 10yr is trading +1.3bps at 3.794%. Curves have flattened over the past week after the 2s10s hit a high of 22.364 and now trades back at 14.050.
  • Projected rate cuts continue cool a touch vs Wednesday's levels (*): Nov'24 cumulative -34.1bp (-34.4bp), Dec'24 -69.2bp (-70.5bp), Jan'25 -99.6bp (-101.9bp).
  • Today focus will be on Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.