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 NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Equities Roundup: IT, Communication Services Outperforming

US STOCKS
  • Stocks are drifting in mildly positive territory in late morning trade, led by Information Technology and Communication Services sector shares for the second day running. Currently, DJIA is up 180.68 points (0.48%) at 37646.04, S&P E-Mini future up 24.25 points (0.5%) at 4835.75, Nasdaq up 105.7 points (0.7%) at 15162.46.
  • Leading gainers: Chip stocks and hardware makers led gainers in the IT sector early Friday amid ongoing/widening AI demand: Texas Instruments +3.54%, Qualcom +3.3%, Broadcom +2.72%. Meanwhile, interactive media and entertainment buoyed Communication services: Google +1.68%, Meta +1.33%, Take Two Interactive +0.85%.
  • Laggers: Consumer Staples and Materials sectors underperformed in the first half. Food and beverage shares weighed on the former: Hormel -1.67, Tyson Foods -1.57%, Lamb Weston -1.35%. Broad based weakness in metals/mining and chemical shares weighed on Materials: Albemarle -2.57%, PPG Industries -2.06%, Steel Dynamics -0.92%.
  • Corporate earnings resume Monday: United Airlines, Brown & Brown and AGNC Investments expected to announce after the close.
  • Technicals: S&P E-Minis have recovered from Wednesday’s low and this is seen as a short-term bullish development. Key resistance and the bull trigger is unchanged at 4841.50, the Dec 28 high. A break of this level would resume the uptrend and open 4854.75, the 1.00 projection of the Nov 10 - Dec 1 - 7 price swing. Initial support is at 4746.25, the Jan 17 low. The 50-day EMA, at 4692.39, remains the key support.
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