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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Mood Music Turns Cautious Aiding Yen

FOREX

Risk-off flows are taking hold in G10 FX space as a negative lead from Europe & U.S. stock markets has created a drag on Asia-Pac equity benchmarks. Resurfacing COVID-19 concerns are providing another headwind for risk after Shanghai expanded its partial lockdown to seven districts, while case tallies edged higher in both Shanghai and Beijing.

  • The yen has regained poise amid broader aversion to take risk, overbought technical conditions in USD/JPY may be supporting its slide. That being said, yesterday's worst levels remain some way off.
  • The Aussie dollar is pacing losses in the G10 basket. AUD/USD trades through yesterday's low, while AUD/NZD extends its pullback from a fresh cycle high printed on Thursday. Retreating AUD/JPY tested the Y95.00 figure but has struggled to make any headway beyond there.
  • Inflation data out of the world's two largest economies headline the economic docket today. Also on tap are flash U.S. Uni. of Mich. Sentiment & Canadian unemployment as well as comments from ECB's Villeroy, Holzmann & Nagel.
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