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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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USTs continue descent ahead of FOMC Minutes

BONDS
  • Treasuries have continued their slide after the hawkish comments from Brainard yesterday, and ahead of today's FOMC Minutes. The focus of the Minute will be on the language surrounding the pace and timing of tapering, and also on any language around the likelihood of 50bp hikes in upcoming FOMC meetings.
  • Gilts have been dragged lower by Treasuries, too, with the German curve also lower but seeing smaller moves than gilts or USTs.
  • Looking ahead we have more comments from ECB's Lane as he participates in a panel on inflation dynamics but there is little else on the calendar.
  • There is still continued focus on le Pen moving up in the polls for the French election (albeit still at as a major underdog to Macron's reelection). OAT-Bund spreads are little changed today, but peripheral spreads are a little wider.
  • TY1 futures are down -0-15+ today at 120-14 with 10y UST yields up 7.1bp at 2.620% and 2y yields up 3.9bp at 2.556%.
  • Bund futures are down -0.48 today at 157.25 with 10y Bund yields up 3.8bp at 0.649% and Schatz yields up 1.5bp at -0.14%.
  • Gilt futures are down -0.48 today at 120.34 with 10y yields up 6.1bp at 1.713% and 2y yields up 5.3bp at 1.501%.
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