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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Fresh Lows Back To Early January Amid Continued USD Rebound

GOLD

Gold continues to trend lower. The precious metal is back to early Jan lows, last around $1826.25. This is off a further 0.55% so far today, while for the week we are tracking 2.1% lower. To date in February we have lost around 5.25%. Gold hasn't enjoyed the USD/yield resurgence.

  • From a technical standpoint, the 100-day EMA sits near $1818, while further below is the 200-day close to $1802.
  • The inverse correlation with the USD index remains, although visually gold losses are still tracking ahead of USD gains at this stage.
  • Gold ETF holdings continue to drift lower.
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