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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Antipodeans Trim Weekly Losses, Yen Lags On Firmer Sentiment

FOREX

The Antipodeans led high-beta FX higher amid a broader pick-up in risk sentiment, with regional equity benchmarks posting gains amid light news and data flow. Some saw U.S. Pres Biden's pledge to double his Covid-19 vaccination target & German Cll'r Merkel's decision to abandon her plan to implement a five-day lockdown over Easter. AUD/USD crossed above the $0.7600 mark and approached its 100-DMA after charting a Doji candlestick yesterday. The Aussia looked through a research note from Westpac, who now expect the RBA to extend its QE programme by a further A$100bn rather than by A$50bn.

  • USD/JPY extended gains after completing a bullish flag pattern. The rate was bought into the Tokyo fix but eased off highs later on, while the yen remained the worst G10 performer.
  • The PBOC fixed its USD/CNY mid-point at CNY6.5376, 8 pips below sell side estimates. USD/CNH extended its pullback from Thursday's high, despite China's tensions with a number of Western countries.
  • Focus turns to U.S. personal income/spending & PCE data, German Ifo survey, Italian sentiment gauges, Swedish retail sales & Norwegian unemployment as well as comments from ECB's Rehn, BoE's Saunders & Tenreyro.
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