MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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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BRL Maintains Resilience, Analysts Look For More BCB Hikes

BRAZIL
  • Despite the stronger greenback and risk-off backdrop to global markets on Friday, the Brazilian real has opened just 0.5% softer compared, relatively better than its regional counterparts.
  • Much more solid GDP data will be an acting tailwind for BRL, which continues to be very well supported on any dips.
  • Technically, the trend is still bearish for USDBRL and scope is seen for weakness towards through the psychological 5.00 mark to 4.8934, the Jun 25, 2021 low. Resistance is at 5.2190, Wednesday’s high.
  • Traders will have one eye on next Friday’s IPCA inflation print, ahead of the next Copom decision on March 16. Analysts continue to revise their inflation forecasts and terminal Selic rate prediction higher with JPMorgan now expecting the hiking cycle to end with Selic rate at 12.75%. More on that to follow.
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