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 Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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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JPY Backtracks Amid Positive Equity Picture

FOREX
  • The JPY is backtracking early Wednesday, taking the place as the weakest currency in G10. Equities are furtively higher, with strength in French stocks tipping the CAC-40 to a fresh alltime high. USD/JPY hit the week's best levels of Y134.05 in Asia-Pac trade and is holding in positive territory ahead of the NY crossover.
  • Elsewhere, markets are more muted, with the EUR and USD putting in a mixed performance and largely treading water ahead of the key US inflation release.
  • SEK trades firmer against most others in G10, absent any macro drivers, to keep NOK/SEK within range of key support at 0.9823 ahead of the YTD low and bear trigger of 0.9725.
  • Focus rests on the US CPI release due at 1330BST/0730ET, with markets on watch for any confirmation that a May 25bps rate hike could be the last of the cycle. Consensus looks for Y/Y CPI to slow to 5.1% from 6.0%, although core is expected to tick higher to 5.6% from 5.5%.
  • FOMC minutes are also on the docket, at which markets will look to gauge the impacts of recent banking instability on the potential Fed policy path.
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