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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Fed Speak Weighs

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 0.6% lower at $2319.14 on Monday.

  • Bullion was hit by waning optimism with regards to multiple Federal Reserve easing this year following a series of hawkish statements from officials.
  • Fed Bank of Philadelphia President Harker stated on Monday that he considers one rate 25bps cut appropriate for this year, echoing similar remarks made by his counterparts from Minneapolis and Cleveland over the weekend.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • Gold is sitting approximately 5% below its May 20 record high.
  • The recent trading below the 50-day EMA at $2,314.7 has opened the possibility of reaching $2,277.4, the low from May 3, according to MNI’s technicals team. The initial firm resistance to monitor is $2,387.8, the high from June 7.
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