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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Holding Close To Thursday Highs, Comfortably Higher For The Week

OIL

Oil prices have drifted higher today but haven't broken above late Thursday levels from US trade. Brent was last $79.25/bbl. WTI was around $76.30-35/bbl. Both benchmarks are tracking comfortably higher for the week.

  • Earlier in the week saw speculation growing that an escalation in tensions in the Middle East supported oil prices.
  • Overnight the Biden administration called for a new round of cease fire talks on August 15. Qatar and Egypt echoed this call as the region becomes increasingly concerned that Iran would attack Israel.
  • A broader recovery in equity risk appetite, as recession fears have eased somewhat, has also supported the oil price rebound over the last few sessions.
  • Next week will see OPEC release their monthly market outlook on Monday and during the week, the US will release its key inflation data which will have input into the Federal Reserve’s interest rate decision for September.
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