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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Crude In Narrow Range As Libyan Output To Recover

OIL

Oil prices are little changed during APAC trading today as continued geopolitical tensions in the Middle East are offset by expected strong 2024 supply with demand uncertain. Brent and WTI are down slightly to $78.46/bbl, off the intraday high of $78.89, and $73.19 after a high of $73.68 respectively. The benchmarks continue to range trade. The USD index is moderately lower.

  • The resumption of production at Libya’s largest oil field after protesters caused prolonged disruptions pushed crude off its intraday lows earlier today. The National Oil Corp has said that it will take 3 weeks to bring output back to the usual 270kbd, according to Bloomberg.
  • Attacks on merchant shipping in the Red Sea by the Iran-backed Houthis look likely to continue for now with the US expecting the effects of its hits on the rebels to take some time to be felt.
  • The calendar for the rest of today is light with the Fed’s blackout period now in place and only the US leading index for December printing. Thursday’s advance Q4 US GDP is likely to be the focus of the week.
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