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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Banorte Revise 2023 Year-End CPI Forecast Lower, Maintain +50BP Hike Call

MEXICO
  • Considering recent dynamics, Banorte have revised their 2023 year-end forecast to 4.8% from 5.4%. The improvement is mainly explained by two factors: (1) A better outlook for energy –both LP gas and gasolines; and (2) the expectation of more modest increases in agricultural goods.
  • Their estimate for the core component stands at 5.6% (previous: 5.7%). They believe pressures could continue on core readings, stemming from: (1) The 20% increase to the minimum wage; (2) the possibility of higher resiliency in economic activity; and (3) heftier price increases in tourism given changes on labor laws.
  • On monetary policy, the market is pricing in that Banxico will raise the benchmark rate for the last time in February to 11.00%, equivalent to a 50bps hike, in line with Banorte’s call.
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