MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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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BRAZIL: July Services Volume Due At 1300BST

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • BRL underperformed yesterday, amidst broad-based weakness in regional currencies and remarks from Treasury Secretary Rogerio Ceron who said that the government could announce a new budget freeze. Ceron said that that an announcement could be made next week, and that a freeze of BRL5bn should be sufficient to meet the government’s 2024 fiscal target. USDBRL rose by 1.35% to close at 5.6602, narrowing the gap to resistance at 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Firm support to watch is 5.5314, the 50-day EMA.
  • Ahead of the key US CPI data at 1330BST today, Brazil services volume data will cross at 1300BST(0800ET), with the market expecting volume to remain unchanged in July, following a 1.7% m/m gain in June. In annual terms, growth is expected to pick up to 2.5% y/y, from 1.3%.
    • July IBGE Services Volume YoY NSA, est. 2.5%, prior 1.3%
    • July IBGE Services Volume MoM SA, est. 0%, prior 1.7%
  • In other news, Canada said that it would resume beef imports from several Brazilian states, after halting them in 2022 due to foot-and-mouth disease concerns.
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  • BRL underperformed yesterday, amidst broad-based weakness in regional currencies and remarks from Treasury Secretary Rogerio Ceron who said that the government could announce a new budget freeze. Ceron said that that an announcement could be made next week, and that a freeze of BRL5bn should be sufficient to meet the government’s 2024 fiscal target. USDBRL rose by 1.35% to close at 5.6602, narrowing the gap to resistance at 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Firm support to watch is 5.5314, the 50-day EMA.
  • Ahead of the key US CPI data at 1330BST today, Brazil services volume data will cross at 1300BST(0800ET), with the market expecting volume to remain unchanged in July, following a 1.7% m/m gain in June. In annual terms, growth is expected to pick up to 2.5% y/y, from 1.3%.
    • July IBGE Services Volume YoY NSA, est. 2.5%, prior 1.3%
    • July IBGE Services Volume MoM SA, est. 0%, prior 1.7%
  • In other news, Canada said that it would resume beef imports from several Brazilian states, after halting them in 2022 due to foot-and-mouth disease concerns.