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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Brazilian Real Holds Steady With Data Awaited

BRAZIL
  • Market participants will be eagerly monitoring the advance of the new fiscal framework in Congress. Despite both Lower House and Senate leaders have saying the bill will be quickly approved, recent footage of the riots on Jan. 8 has strengthened opposition’s demand for a probe, which has the potential to disturb the agenda. Senate President Rodrigo Pacheco said last Friday that lawmakers have a “sense of urgency” to vote the fiscal bill and that it will happen “under any circumstances”.
  • Markets could take their lead from upcoming data in the meantime with Tuesday’s retail sales report for February before the more important IPCA inflation data on Wednesday. Annual headline inflation for mid-April is expected to decline again to 4.2% from 4.65%. Confirmation of the result will embolden the administration’s call for a lower Selic rate.
  • Despite Friday’s close, USDBRL trades close to Thursday’s closing levels. Overall, the pair is holding on to its recent gains having recovered from the Apr 14 low of 4.8928. Despite this latest short-term recovery, the trend outlook remains bearish. The next firm resistance is seen at 5.1198, the 50-day EMA.
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