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 NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Busy Week, Focus On Retail Sales (Mon) & CPI (Wed)

AUSTRALIA DATA

There is a lot of data this week but the focus is likely to be on July CPI (Wednesday) and retail sales (Monday).

  • Today July retail sales print and are expected to rise 0.2% m/m after falling 0.8% m/m, which would result in 1.8% y/y growth. The new CBA household spending insights has a high correlation with retail sales and it was flat in July to be up 1.3% y/y.
  • On Tuesday RBA Deputy Governor Bullock speaks on “Climate change and central banks” at 1740 AEST.
  • July CPI is out on Wednesday and is forecast to moderate to 5.2% from 5.4% with projections in a wide range between 4.7% and 5.9%.
  • There is quite a bit of housing/building data this week. On Wednesday Q2 construction is released and forecast to rise 0.8% q/q after +1.8% in Q1. Building approvals for July are also out and projected to fall another 0.5% m/m after -7.7%. July housing finance is published on Friday and expected to be flat after falling 1% m/m. Total private sector credit is due Thursday and is forecast to rise 0.3% m/m in July following 0.2%. CoreLogic August house prices are on Friday and they have been rising since March.
  • Q2 private capex prints Thursday and is projected to rise 1% q/q after 2.4%.
  • The final August Judo Bank manufacturing PMI is released Friday. The preliminary eased to 49.4 from 49.6 in July.
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