MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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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What to Watch: Seven State Primaries, Stocks Weaker, 3Y Sale

MARKET INSIGHT

Tsys trading modestly firmer, better volumes than the week opener (TYU2>360k), yield curves mostly flatter with long end outperforming, 2s10s -.809 at 29.948, 5s30s +.003 at 0.312 (but off inverted low of -1.022).

  • US Equities: Stocks weaker (ESM2 -35.0 at 4085.50), retailers getting hit: Target down appr 9% after cutting 2Q operating margin outlook, Walmart offered in sympathy.
  • Economic data:
    • Trade Balance (-$109.8B, -$89.5B); revisions at 0830ET
    • Consumer Credit ($52.435B, $35.000B), 1500ET
  • No Fed speakers: Fed in blackout through June 16
  • US Tsys auctions: US Tsy $44B 3Y note auction (91282CEU1) at 1300ET
  • Seven state primaries today: California, Iowa, Mississippi, Montana, New Jersey, New Mexico and South Dakota.
  • Geopol Headlines:
    • SCHOLZ: GERMANY PREPARED TO STRENGTHEN BALTIC TROOP PRESENCE, Bbg
    • FINLAND'S HAAVISTO: OPEN DOOR POLICY IMPORTANT FOR NATO, Bbg
    • Another confidence vote. After UK PM Johnson passed late Mon, Sweden's JM Morgan Johansson passes confidence vote brought on by coalition of right-leaning parties.
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