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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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Biden Touches Down in Warsaw, Ratings Affirmed at S&P

POLAND
  • US President Biden lands in Poland later today and meets with Duda on Tuesday. Ahead of the meeting, PM Morawiecki has stated they are looking to press the US into increasing their troop presence in the country, making their troops “more permanent, and increasing them”. Post-war reassurances for Ukraine will also be on the agenda, with Poland to press NATO for security guarantees.
  • Parkiet writes that Polish banks largely avoided a major selloff last week on the back of the ECJ opinion because the CHF loans saga is already strongly priced in, citing local asset managers. The piece adds that valuations are low across the sector in Poland.
  • On local housing, Parkiet cites Echo Investment as recording greater housing activity across December and January, with sentiment improving thanks to a lower buffer for clients’ creditworthiness as well as easier expectations for NBP rates policy.
  • Late Friday, Poland’s sovereign rating was affirmed at A-; Outlook stable at S&P.
  • PPI, wages, employment and industrial output data crosses at 10am local time / 0900GMT. The Italian PM Meloni is set to meet with Morawiecki in Warsaw later today, ahead of an expected appearance from President Biden later in the week to mark the one-year anniversary of Russia’s invasion of Ukraine.
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