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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Haddad Expects Payroll Tax Agreement With Congress This Week Or Next

BRAZIL
  • Brazilian real underperformance yesterday saw USDBRL rise to a high 4.9924, its highest since the start of November. The breach of resistance at 4.9771, the Dec 13 high, undermines the recent bearish theme and signals scope for a recovery above the 5.00 handle. The move came as the government launched its BRL 300bn (~USD 60bn) investment plan to boost growth in the industrial sector. Itaú note that almost all initiatives announced yesterday had already been unveiled separately and hence the fiscal and activity impacts had already been taken into account.
  • Also yesterday, the government successfully sold a record $4.5bn of USD denominated bonds, comprising $2.25bn in notes due in 2034 at 6.35% and another $2.25bn in bonds due in 2054 at 7.15%. The issue came as Finance Minister Haddad said the government is continuing its payroll tax bill negotiations with Congress and expects to work out an agreement sometime this week or next. He remains confident in meeting the fiscal deficit target for this year.
  • Today, tax collection figures for both December and the full year will be published at 1330GMT(0830ET). Analysts expect tax collection to have been BRL 227.3bn in December (vs. BRL179.4bn prior). Separately, Haddad will meet the Chinese Ambassador in Brazil Zhu Qingqiao at 1400GMT.
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