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 Remains Weaker Despite BoJ Concern

FOREX
  • For a third consecutive session, JPY is the poorest performing currency in G10, with USD/JPY securing a break above the multi-decade downtrendline drawn off the December 1975 high. Moves come alongside the Bank of Japan issuing caution over the weaker currency, with the central bank concerned that high energy import costs could crimp corporate profits and household spending.
  • Elsewhere, GBP trades more favourably, with markets shrugging off a lower-than-expected monthly GDP reading in favour of strong industrial and manufacturing data for August. GBP/USD trades around 60 pips off the week's lowest levels, and now needs to top 1.3674 to secure any further progress.
  • Equity futures trade in minor positive territory, with the e-mini S&P higher by 5-10 points ahead of the unofficial beginning of the earnings cycle. JPMorgan and BlackRock are the key reports Wednesday, with more financials names following on Thursday.
  • US CPI takes focus going forward, with markets expecting CPI to hold at an above-target 5.3%. Core is also seen inline with the prior at 4.0%.
  • Fed minutes cross later in the session, with markets focusing on the prospects for a November taper announcement. Central bank speakers due Wednesday also include BoE's Cunliffe and Fed's Brainard.
Energy BulletsCommoditiesBank of Japan (BOJ) Market News
Energy BulletsCommoditiesBank of Japan (BOJ) Market News

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