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

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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CBRT Likely to Cut Key Rate (1100 GMT)

TURKEY
  • Dovish tweaks to the January policy statement and political pressure to loosen financial conditions following the devastating earthquakes are likely to lead to a rate cut decision at the CBRT’s meeting today. Sell-side analysts are split between no change in the key rate and a 100bp cut to 8%.
  • See full MNI Preview including sell-side analyst views here: https://roar-assets-auto.rbl.ms/files/51418/MNICBRTPrevFeb23.pdf
  • Macroprudential measures and the government's push for liraization have accelerated banking sector demand for TRY deposits via the KKM system, according to financial sources. Ekonomi estimate that the annual dollar-deposit interest rate stands at 25%, with Turkish banks offering particularly high interest rates to customers who bring either USD or EUR balances to the currency-protected accounts system.
  • Hurriyet report that the EU has underlined its intention to cover a significant part of the enormous cost of the devastating earthquakes through a high-level donors’ conference with the participation of the international community and global relief organisations on March 16 in Brussels. Bloomberg economists estimate that public spending on the earthquake may be equivalent to 5.5% of GDP.
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