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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Early Gains Unwound As Cross Asset Headwinds Dominate

OIL

Brent crude has unwound early session gains, last tracking just below $80/bbl. We did get to $80.90/bbl in the first part of the session, but weaker risk appetite post the BOJ decision has weighed on sentiment. WTI has followed a similar path, last around $75.40. Both benchmarks rose by around ~1% for Monday's session.

  • Stepping back, crude is still in the middle of recent ranges. For Brent we have been in a rough $75-$83/bbl range in recent weeks.
  • On the supply front, TC Energy's restart plan for the Keystone is under review with the US authorities. Elsewhere, North Dakota has 300k barrels per day offline following a blizzard last week and will reportedly take a number of weeks to come back online.
  • This evening we have the API weekly report on US oil inventories due.
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