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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Fresh YTD Lows, Bear Trigger in Focus

EURGBP
  • EUR/USD's pullback puts the pair at new daily lows, but the EUR weakness is perhaps more notable in EUR/GBP, which has broken to a fresh YTD low at 0.8548 and shown below the mid-Dec lows in the process, touching the lowest level since early September. 0.8493 marks the bear trigger in the cross, below which markets are at levels not seen since mid-2022.
  • While ECB / BoE rate pricing is little changed today (and rate differentials intact), some attention has been paid to the ECB's Q4 '23 Bank Lending Survey which reported another net tightening in credit standards, with more expected in Q1 '24, while loan demand continued to drop "substantially".
  • This turns focus to this Thursday's ECB rate decision, and any commentary that could suggest tighter credit standards feed into earlier policy easing (the April meeting remains ~70% priced for a 25bps rate cut.
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