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

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

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

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 BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

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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Yield Curves Pancake

US TSYS
Tsy yield curves bear flattened in a hurry Friday as confidence in Fed managing a soft landing wavers. After starting off the session around +12.17, the 5s30s curve slipped below 2.0 recently to 1.317 low -- back near early 2006 levels now when pair inverted from Feb-March to low of -12.669 on Feb 27, 2006.
  • Meanwhile, 3s, 5s and 7s extending inversion vs. 10s, 5s10s at -8.125 vs. -9.094 low as Tsys held near session lows through the second half. See MNI Policy main wire Brief: Fed Paper Dismisses Yield Curve Inversion Signal at 1100ET. Link to Fed paper: (Don't Fear) The Yield Curve, Reprise.
  • US FI markets gapped lower (30YY surged from appr 2.512% to 2.5767% over 20 minute period, making new highs at 2.641%). Timing of rate move occurred around the release of IFX headlines: RUSSIAN ARMY TO FOCUS ON TAKING FULL CONTROL OVER DONBAS, however: Open to interpretation on whether that is a positive development (potential for triggering rate sale) or NOT as equities trimmed gains over same period.
  • On tap for next week:
    • Advance Goods Trade Balance (-$107.6B, -$106.3B), 0830ET
    • Wholesale Inventories MoM (1.0% rev, 0.8%), 0830ET
    • Retail Inventories MoM (1.9%, 1.3%), 0830ET
    • Dallas Fed Manf. Activity (14, 10), 1030ET
  • Treasury auctions Monday:
    • US Tsy $57B 13W, $48B 26W bill auctions at 1130ET
    • US Tsy $50B 2Y Note auction (91282CEG2), 1130ET
    • US Tsy $51B 5Y Note auction (91282CEF4), 1300ET
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