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 MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

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

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

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 Tad Firmer, WTI Shows Above $111/bbl

OIL

WTI & Brent have edged higher as the new week got under way with the risk switch flicked to on.

  • WTI briefly showed above the $111 mark and last trades at $110.70/bbl, up ~$0.40 from its previous settlement level. Brent last seen at $113.20/bbl, up ~$0.65 versus last settlement.
  • Weekend headline flow centred around Russia's participation in the OPEC+ framework. Saudi Arabia's energy minister told the FT that Riyadh wanted "to work out an agreement with OPEC+ ... which includes Russia," frustrating U.S.-led efforts to isolate Moscow over its invasion of Ukraine and undermine its critically important oil industry used to fund the war machine.
  • Latest COVID-19 headlines out of China failed to shed much light on the outlook. Shanghai reported no community infections, but Beijing's daily cases rose to a new high since the current outbreak started.
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