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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Crude Rallies to Highest So Far This Year

OIL

Crude front month futures are pushing through the top of the range seen so far this year amid rising geopolitical risks.

  • Ongoing Middle East tensions and the escalation in attacks on Russia’s energy infrastructure by Ukraine are combining with a US crude inventory draw yesterday and potential additional China stimulus plans.
  • Brent is trading through the first technical resistance at 80.75$/bbl with the key resistance up at the Dec 26 high of 81.45$/bbl.
  • Moves in the prompt time spreads are relatively small but the Jun24 - Dec24 spreads are rallying to the highest since early November.
    • Brent MAR 24 up 1.4% at 81.19$/bbl
    • WTI MAR 24 up 1.6% at 76.29$/bbl
    • WTI-Brent up 0.01$/bbl at -4.9$/bbl
    • Brent MAR 24-APR 24 up 0.02$/bbl at 0.43$/bbl
    • Brent JUN 24-DEC 24 up 0.16$/bbl at 2.28$/bbl
    • WTI MAR 24-APR 24 up 0.04$/bbl at 0.15$/bbl
    • WTI JUN 24-DEC 24 up 0.15$/bbl at 2.44$/bbl
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