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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Hong Kong & China Equities Mixed, Trade Balance Data Later Today

ASIA STOCKS

Hong Kong & Chinese equities are mixed today, tech stocks are the worst performing although well within recent price ranges. It has been a slow week for equities in the region, with just the Caixin China PMI data out, which showed an increased from April with the Composite 54.1 vs 52.8, while in Hong Kong PMI for May wa49.2 down from 50.6 in April. Later today we have China Trade balance due.

  • Hong Kong equities are lower today, tech stocks are the worst performing sector today with the HSTech Index is down 0.63%, Property Indices are slightly higher with the Mainland Property Index up 0.65%, the HS Property Index is little changed, while the HSI is down 0.10%. It has been a decent week for Hong Kong Listed stocks, with the HSI up 1.90% for the past five sessions vs a 0.42% fall by the CSI300.
  • China onshore equities are mixed today, the CSI300 Reals Estate Index is up 1.50%, followed by gains in small-cap indices the CSI1000 up 0.30% & CSI2000 up 1.20%, while large-cap CSI300 is down 0.50%.
  • In the property space, China's property market faces increasing challenges as buyers question the value of paying off loans on properties with negative equity. Despite government efforts to address unsold housing and liquidity issues among major developers, investor confidence remains low, with Chinese property stocks down ~20% from their May high. Indicators of distress include a four-year high in residential mortgage delinquencies, record foreclosed property auctions in 2023, and banks issuing a record 24.7 billion yuan in financial instruments backed by non-performing mortgages.
  • (MNI) China Press Digest June 7: Insurance, NEVs, Trade-In (See link)
  • Looking ahead: China Trade Balance and Hong Kong Foreign Reserves are due later today
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