MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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: Supreme Court Judges Uphold X Suspension

BRAZIL
  • While we monitor the ongoing developments between Brazil’s Supreme Court and social media platform X, it is worth highlighting that Supreme Court Justices Flavio Dino and Cristiano Zanin on Monday joined rapporteur Alexander de Moraes to uphold the suspension.
  • As a reminder on Friday, de Moraes ordered the platform blocked for having failed to name a local legal representative, as required by law. De Moraes’ also set a daily fine of 50,000 reais ($8,900) for people or companies using virtual private networks, or VPNs, to access X.
  • The matter is being judged virtually by the so-called first panel, made up of five justices out of 11 that form the Top Court.
  • Critics of the suspension include hedge fund billionaire Bill Ackman, who has joined others in saying the ruling will likely drive away investors and harm the country.
  • USDBRL trades moderately higher today, although is off its highest levels. Front-end DI swap rates are lower following the Focus Survey confirming the expectation of a year-end Selic rate at 10.50%, contrary to growing calls for rate hikes in Brazil. Swap rate contracts further out the curve are more reflective of the political uncertainty surrounding the Supreme court and the ongoing fiscal concerns following the 2025 budget proposal.
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