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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Lagarde: We're Data Dependent, But Look At Lots Of Data

ECB

Q: Given latest PMI and disruptions in Red Sea, do you still think euro area will avoid recession?

  • A: Most recent PMI numbers are little indication things are coming into place for a recovery in 2024. Recognise weakness of growth - multiple ways to decline a recession e.g. Technical recession with two quarters of negative growth. Yellen said the US wasn't in recession when it had 2 quarters of negative growth because the employment numbers were too high.

Q: On wage settlements: Understand ECB wants to see wage data that is coming from Eurostat at the end of April in response to Q1.

  • A: Are looking at all sorts of data. Are looking at wages for reasons explained and due to a catch up process. But are looking at lots of other things - would not draw any conclusion from a data publication. Are data dependent but look at lots of data. Including fiscal - when energy support is withdrawn etc.

ECB press conference has ended.

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