BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

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

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

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 Retail Sales, Colombia Activity Data

LATAM
  • Brazilian retail sales data for November headlines the LatAm docket on Wednesday. Additionally, Colombia production data and retail sales will also cross.
  • DAVOS: The schedule for the World Economic Forum's annual meeting in Davos on 17 Jan is filled with high-profile political speakers amid a period of notable geopolitical tensions worldwide. A rundown of major political speakers across the event can be found in the PDF.
  • EUROZONE: ECB president Christine Lagarde is confident that the ECB will be in a position to cut rates by the summer, but remains cautious on her overall view on policy easing. In an interview with Bloomberg TV, Lagarde accepted that rates were now likely at peak, but said it was too soon to declare victory over inflation and was preferable to wait before a first rate cut as the cost of cutting interest rates only to have to hike again would be too high.
  • OIL: OPEC’s top official said forecasts that oil demand is heading toward a peak will prove just as misguided as earlier predictions that supply was reaching its zenith. “Ultimately, peak oil supply has never come to pass, and predictions of peak oil demand are following a similar trend,” Secretary-General Haitham Al Ghais said in a statement on the group’s website. “Peak oil demand is not showing up in any reliable and robust short- and medium-term forecasts.” - BBG
  • Copper fell for the fourth time in five sessions, extending losses in the new year, as the latest economic data from top consumer China underwhelmed investors. Home prices in the country fell the most since 2015 in December as a downturn deepened in the property sector, a pillar of commodities demand. The property sector was a source of persistent weakness in an otherwise buoyant year for Chinese copper demand in 2023. - BBG
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