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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Morgan Stanley Raises This Year’s Oil Demand Growth To 1.9mbpd

OIL

Morgan Stanley has raised its global oil demand growth estimate for this year by around 36% to 1.9mbpd, given growing momentum in China's reopening and a recovery in aviation.

  • "Mobility indicators for China, such as congestion, have been rising steadily," while "flight schedules have firmed-up the outlook for jet fuel demand," the bank said.
  • The bank previously estimated global oil demand to grow 1.4mbpd this year.
  • The Brent oil price forecast for the second half of this year has been revised down to $90-100/bbl, from $100-110/bbl previously forecast, as stronger than expected supply from Russia is assumed to lead to a smaller than previously expected deficit for that period.
  • The bank also forecasts oil prices lower during 4Q and 2024 to $95/bbl, from $110/bbl previously.
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