MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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MARKET INSIGHT
  • The overnight session and European open has seen the UST curve bear flatten as 2-year yields have moved higher (with the Eurodollar strip also moving lower and seeing larger moves than either the Euribor or SONIA strips). The moves have been seen ahead of this week's FOMC meeting, with equity markets largely in the red this morning, partly driven by concerns of higher Fed Funds rates and partly by continued uncertainty in Ukraine.
  • Looking ahead to today, this week's Fed meeting and pre-positioning will of course loom over the market. However in Europe and the UK in particular, today's PMI data will be closely watched. Although not seen as the most market-moving data point, as they have been in the past, there is still a lot of information that markets can gleam from the PMI data, particularly at uncertain points in the cycle (such as now with Omicron in Europe).
  • Note that our data team previewed all of the preliminary PMI prints today in the Global Morning Briefing (see here).
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