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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​A$ Falters Post Jobs Miss​​​​​​​​​

AUD

AUD/USD has fallen sharply in the wake of the jobs miss. The pair got to a low just under 0.6870, but has now stabilized somewhat (last around 0.6870/75). This is around 0.40% weaker for the session. Wednesday session lows were around 0.6865 in NY, so this level could be watched on the downside. The AU-US 2yr government bond yield spread is back to -121bps, around -7.5bps lower for the session.

  • This is the first back to back job losses since 2021, while the detail showed all of the losses were in the full-time segment. The unemployment rate also ticked higher to 3.7%, from 3.5%.
  • The A$ is underperforming on crosses, most notably against the yen. AUD/JPY got back to 92.00 post the print (now at 92.10/15), we were around 92.50 prior to the data. AUD/NZD is back sub 1.0980, versus highs close to 1.1020.
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