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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EURCZK Losses Accelerate Through Yesterday’s Low, Erase This Week’s Gains

CZK
  • EURCZK has dipped moderately in recent trade. While there are no obvious headline drivers behind the latest move, losses have accelerated through Wednesday’s low of 24.779. The cross has now erased the entirety of this week’s earlier gains, and has recorded a 0.7% pullback from yesterday’s high, placing EURCZK back at Monday's low near 27.740.
  • Focus will be on the ECB rate decision at 13:15GMT/14:15CET. No changes are expected at this week’s policy meeting, with President Lagarde likely to use the press conference to push back against market expectations of policy rate cuts in the near-term, while also entertaining the possibility of easing policy later in the year.
  • The Finance Ministry released the latest edition of its quarterly macroeconomic forecast earlier today, revising the 2024 GDP projection to +1.2% Y/Y from +1.9% in November as the outlook for household consumption and exports deteriorated. Inflation is expected to remain below +3.0% Y/Y for most of this year.
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