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 Under Pressure As Market Focuses On Lack Of China Stimulus

OIL

Oil prices are down again during APAC trading as risk appetite remained soft due to the lack of China stimulus details. WTI is 0.5% lower at $71.16/bbl and Brent -0.2% to $75.94. Both are off their intraday lows of $70.98 and $75.73 respectively. Currently WTI is down 5.7% in Q2 and Brent -4.4% despite further OPEC output cut announcements as demand concerns remain the core driver. The USD index is 0.1% higher.

  • Oil has weakened again on continued concerns that measures to stimulate China’s economy will disappoint. This is important to the market as China is the largest crude importer.
  • The Fed’s Bullard, Williams and Barr speak later. There are also US May housing starts & permits data plus Philly Fed non-manufacturing activity for June. ECB’s De Guindos also speaks.
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