Subordination 101: A walk thru for sovereign bond markets in a post-Greek default World

PBOC sets USD/ CNY reference rate for today at 7.0733 (vs. estimate at 7.0554). The setting of the rate well above the expected level is a sign of the PBoC slowing the appreciation of the CNY, as discussed earlier.

Trump's crypto venture plunges 50% in minutes! Lock-up expiry sparks a brutal sell-off. Traders eye the fallout.

Africa eyes $41B upstream investment by 2026 via reforms; Nigeria auctions 50 blocks, seeking $10B.

Australian October trade balance a surplus of 4385mn (expected 4219mn) Australian exports and import's both higher in October 2025. Non monetary gold imports jumped.

Australian Household Spending in October 2025 +1.3% m/m (expected +0.6%, prior +0.3%). That jump for household spending is another reason not to expect any Reserve Bank of Australia interest rate cuts any time soon.

PBOC is expected to set the USD/CNY reference rate at 7.0554 – Reuters estimate PBOC CNY reference rate setting for the trading session ahead.

Tesla’s UK registrations fell 19% YoY in November to 3,784 units, while BYD more than tripled sales, New AutoMotive data shows. The EV maker continues to lose share to cheaper Chinese models as overall UK new-car sales fell 6.3%.