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 STOCKS: Asian Equities Mixed, Japanese Outperforms On Weaker Yen

ASIA STOCKS
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Asian equities are mixed today with Hong Kong equities seeing a decent sell-off, while Japanese equities edged higher. There have been very few headlines or notable data releases today, with the market remaining somewhat cautious amid growing tensions in the middle east. China, Taiwan & South Korea have all been out today.

  • Japanese equities gained following the weaker yen which was driven by comments from Japan's new Prime Minister Shigeru Ishiba where he signaled that the economy isn't ready for further interest-rate hikes, stressing the need for continued monetary easing to tackle deflation. Tech stocks were also supported following comments from Nvidia's CEO where he confirmed the company's new Blackwell chips are in full production, with demand described as "insane", despite earlier concerns about delays. The Nikkei is trading 2.22% higher, while the wider TOPIX is 1.37% higher.
  • Hong Kong equities have seen profit taking, although we still trade above Yesterday's open/lows. Property names have seen the largest correction with Mainland Property Index -7.60%, HS Property Index -4.85% while BBG's China Property Gauge dropped over 14% at one stage however is down just 8.90% now.  Tech stocks have also seen selling with the HSTech Index trading 5.20% lower.
  • Australian shares are little changed today with gains in the real estate sector, being offset by losses in Metals & Miners, particularly gold miners following a drop in gold prices.
  • Asian EM equities are lower across the board today as investors continue to sell stocks following the announcement of the China stimulus there have been net selling in all regions since last Tuesday with Malaysia, Indonesia & Thailand seeing the most selling.
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Asian equities are mixed today with Hong Kong equities seeing a decent sell-off, while Japanese equities edged higher. There have been very few headlines or notable data releases today, with the market remaining somewhat cautious amid growing tensions in the middle east. China, Taiwan & South Korea have all been out today.

  • Japanese equities gained following the weaker yen which was driven by comments from Japan's new Prime Minister Shigeru Ishiba where he signaled that the economy isn't ready for further interest-rate hikes, stressing the need for continued monetary easing to tackle deflation. Tech stocks were also supported following comments from Nvidia's CEO where he confirmed the company's new Blackwell chips are in full production, with demand described as "insane", despite earlier concerns about delays. The Nikkei is trading 2.22% higher, while the wider TOPIX is 1.37% higher.
  • Hong Kong equities have seen profit taking, although we still trade above Yesterday's open/lows. Property names have seen the largest correction with Mainland Property Index -7.60%, HS Property Index -4.85% while BBG's China Property Gauge dropped over 14% at one stage however is down just 8.90% now.  Tech stocks have also seen selling with the HSTech Index trading 5.20% lower.
  • Australian shares are little changed today with gains in the real estate sector, being offset by losses in Metals & Miners, particularly gold miners following a drop in gold prices.
  • Asian EM equities are lower across the board today as investors continue to sell stocks following the announcement of the China stimulus there have been net selling in all regions since last Tuesday with Malaysia, Indonesia & Thailand seeing the most selling.