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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LFS Unemployment Rate Steady Ahead Of Norges Bank This Morning

NORWAY

The Norway LFS trend unemployment rate remained stable at 3.7% in December 2023. The employment and participation rates were also unchanged at 70.2% and 72.9% respectively.

  • Instead of the LFS rate above, the Norges Bank forecast and track the unemployment claims rate in their Monetary Policy Reports. The January data for unemployment claims is released on Feb 2, with the current rate of 1.9% below the Norges Bank's Q1 '24 forecast of 1.98% in its December Monetary Policy Report.
  • A reminder that the Norges Bank decision is at 0900GMT/1000CET today, with rates expected to be held steady. The press conference (in Norwegian) begins at 0930GMT/1030CET.
  • We think only a sizeable shift in stance will be enough to prompt a material reaction from NOK, as this meeting is viewed by many as a formality, before more interesting questions on the rate path arise in March.
  • A more hawkish-than-expected policy statement could see NOKSEK breach the psychological 1.0000 level that has capped price action through January.
  • Our full preview can be found here.
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