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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Holding A Partial Recovery Of Yesterday’s Late Rout

US STOCKS
  • The S&P e-mini sits in the middle of the day’s range at ~4772 (+0.5%), chipping away at yesterday’s late -1.5% slide attributed to a host of factors including profit taking in overbought conditions, 0DTE options and increasingly large sell programs.
  • It’s off yesterday’s low of 4743.23 but also notably below the high of 4830.75 which now sets initial resistance before 4854.75 (Fibo projection). Yesterday’s slide is deemed a corrective pullback from technical trends.
  • SPX gains are led by consumer discretionary (+1.0%, helped by Tesla +2.4%), health care (+0.8%) and materials (+0.7%), whilst utilities (-0.2%) and energy (-0.1%) lag in what’s been a volatile but weaker day for crude futures. A bear steepening in Treasuries through the session has done little to help banks, with the KBW index paring gains to +0.5%.
  • The Russell 2000 (+1.2%) outperforms after sliding 2% yesterday, followed by Nasdaq 100 (+0.65%) and the Dow (+0.4%). On the Russell 2000, Cboe is adding Tue and Thu 0DTE options, filling out the rest of week with its current offering of Mon, Wed and Fri.
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