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

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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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Crude Rallies As IEA Raises Oil Demand Growth Forecast

COMMODITIES
  • Crude has rallied Thursday, having briefly broken through technical resistance levels up to the highest since early November. WTI is up 1.9% at $81.2/bbl.
  • The move is driven by a supply deficit suggested in the latest IEA monthly report and following on from previous support from drone attacks on Russian refineries and an unexpected draw in US crude stocks yesterday.
  • The IEA raised its oil demand growth forecast for this year on a more positive outlook for the US as well as bunker demand growth because of Red Sea diversions.
  • WTI futures have broken resistance at $80.85, the Mar 1 high, with sights on $81.70 next, a Fibonacci retracement point. A break of this level would open $84.66, the Oct 20 ‘23 high.
  • Meanwhile, TTF natural gas front month was on the rise today, with support from outages in Norway and curtailed feedgas flows to US LNG export terminals. TTF APR 24 rose 5.9% to €26.38/MWh.
  • Spot gold fell by 0.6% to $2,162/oz, as the US dollar traded on a firmer footing, supported by higher US yields following above-estimate PPI inflation figures.
  • The trend condition in gold remains bullish and the latest pullback appears to be a correction. The recent break above resistance at $2135.4, the Dec 4 high, signals scope for $2206.6 next, a Fibonacci projection. Short-term conditions are overbought, a deeper retracement would allow this condition to unwind.
Energy BulletsCommodities
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