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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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 USD/KRW Back Sub 1300, Relations With Japan Improving

KRW

1 month USD/KRW maintained an offered tone post the Asia close. We ended the NY session just under 1300. Firm gains for key tech related equity indices aided the move. Recent lows in the 1 month NDF come in around the 1292/94 region. Note onshore spot ended yesterday at 1312.90, so the early impetus should be the downside.

  • South Korea and Japan relations are on the improve, with Japan dropping tech trade restrictions, while in return South Korea will drop a WTO case against Japan.
  • A business roundtable meeting will also be held today, which will attended by leaders from Samsung and Hyundai. Military intel sharing between the two countries will also be normalized. This follows President Yoon's trip to Japan yesterday, where he met with Japan PM Kishida.
  • In the equity space, to recap, the Kospi edged down slightly yesterday, with offshore investors selling -$317.5mn of local shares. The lead is better today, at least from a tech point of view, with the SOX up 4.05%, the MSCI IT +2.69% for Thursday's session.
  • The local data is empty until early next week, when PPI is due, along with the first 20-days of trade data for March also out.
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