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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Asia Margins Fall on Russia Export, Warm Winter and New Supplies

OIL PRODUCTS

The collapse in Asia oil refining margins is due to continued exports of Russian diesel, the warm northern hemisphere winter and increased fuel supplies from new Chinese and Middle Eastern units according to Citi on 23 April.

  • Gross refining margins in Singapore have fallen from 7$/bbl - 8$/bbl in February and March to about 2$/bbl - 3$/bbl.
  • The new Kuwait Al-Zour and Saudi Jizan refineries in the Middle East have increased operations leading to a rise in diesel exports to add to the weak market.
  • Focus is now on China’s second batch of export quotas, possibly issued in May/June, and on domestic travel demand.
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