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

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

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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JPM On CNB Meeting

CZECHIA
  • Better-than-CNB-forecast growth likely not enough to resolve board indecision.
  • CNB board members have displayed hesitancy between a small hike and unchanged rates next week.
  • Some have expressed their vote as data dependent, with the GDP print one of the elements to be factored in.
  • But, although last week’s numbers are better than expected by the official forecast, an annualized pace of 0.8%q/q saar is still a poor number, especially for country which is a clear regional laggard in the post-COVID recovery.
  • In that sense, the GDP data likely is insufficient to break the uncertainty.
  • Next week's is the most unpredictable CNB decision in a long while; JPM still expects a final 50bp hike (to 7.5%), but risks are obviously skewed for unchanged rates given the expressed preferences of the new Governor and the dark clouds gathering over the growth outlook.
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