MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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1 Month Close To 1240, Early Jan Trade Data Due Soon

KRW

1 month USD/KRW got above 1247 post the Asia close, before settling back down at 1240 into the NY close. Recent lows in the pair sit between 1233/35. Yesterday onshore spot ended at 1243.80. Coming up shortly is the first 10-days of trade data for January.

  • The full month trade picture for December showed a slightly better export picture (-9.5% y/y, versus -11.1% forecast). Import growth was close to expectations (-2.4% y/y, versus -2.2% forecast) The trade deficit persisted at -$4.689bn.
  • Earlier, the Dec jobless rate rose more than expected to 3.3% (3.0% was the forecast). Employment growth slowed further to 1.9% y/y (from 2.3% in Nov), with most sub-sectors seeing slower jobs growth, particularly in construction.
  • The equity lead for the Kospi remains positive (SOX +1.29%, MSCI IT +0.52% for Tuesday). To recap, the Kospi nudged 0.05% higher yesterday. Travel related stocks were weighed down by China's visa ban. This issue will be watched for further escalation between the two countries, but broader fallout has been limited so far.
  • Offshore investors sold -$54.5mn of local shares yesterday, trimming week to date net inflows to $494.3mn.
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