EM CREDIT SUPPLY: Petronas (PETMK, A2/A-/NR) - New $ deal FV

EUR continues to climb, the pair last near 1.0515/20. DAX futures up around 1%, as markets digest the German election results.
EUR/JPY also higher, back close to 157, with yen underperforming broader USD weakness.

Some EUR/USD resistance levels to be mindful of.

RES 4: 1.0630 High Dec 6
RES 3: 1.0594 Dec 9 ‘24
RES 2: 1.0533 High Jan 27 and a reversal trigger

(we already above the earlier Feb highs (1.0514))

China’s railway services transported 513 million passengers and 415 million tonnes of goods during the 40 day Spring Festival season, a year-on-year increase of 6.1% and 5.4%, a record high, according to data released by the China Railway Group. A total of 3,230 China-Europe trains were operated, an increase of 0.7% year-on-year, while the China-Laos railway transported 642,000 tonnes of cross-border goods, up 8.1% y/y.

China’s CPI growth target will likely be around 2% in 2025, down from 3% last year, while maintaining an annual GDP growth target at around 5%, Securities Times reported, citing analysts. Lowering the inflation policy would help build consensus around promoting a price rebound amid weak demand, said Wu Chaoming, chief economist of Chasing Securities, noting the previous CPI target was unchanged since 2004 when authorities tried to prevent prices from rising too quickly. Zhu Baoliang, former chief economist at the State Information Center of China, said a CPI increase should be clearly defined as a major policy target and 5% GDP growth was necessary to address employment issues.