MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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BRENT TECHS: (X4) Key Resistance Remains Exposed For Now

BRENT TECHS
  • RES 4: $87.64 - High Apr 12 and a medium-term bull trigger
  • RES 3: $86.24 - High Jul 5 
  • RES 2: $83.50 - 76.4% retracement of the Jul 5 - Aug 5 bear leg 
  • RES 1: $80.53/81.46 - High Aug 26 / 12 and key resistance     
  • PRICE: $79.13 @ 07:07 BST Aug 30
  • SUP 1: $74.62 - Low Aug 5 and a key support  
  • SUP 2: $74.64 - Low Feb 5
  • SUP 3: $73.16 - Low Dec 13 2023 and a key support
  • SUP 4: $70.35 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing   

Brent futures traded sharply higher Monday, marking an extension of the rebound from the Aug 21 low. The contract has since pulled back but is again moving higher. A stronger resumption of gains would refocus attention on the key short-term resistance at $81.46, the Aug 12 high. A break would highlight a stronger reversal. For bears, a steeper reversal lower would instead expose $74.62, the Aug 5 low and key support.

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