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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OIL: Oil Market Well Supplied For At Least Next Two Years: Vitol

OIL

The oil market will be well supplied for at least the next two years as fading gasoline consumption in China is adding to concerns about tepid oil demand relative to supply, according to Vitol cited by Bloomberg.

  • “Gasoline is likely to peak this year or next year in China — not because nobody’s moving, but simply because the fleet is slowly changing towards electric vehicles,” said CEO Russell Hardy.
  • Vitol has pushed back the expected peak of overall global oil demand to the 2030s with reasonably strong demand for the next few years. There are however pockets of weakness in Chinese gasoline and diesel demand, due to electric vehicles and LNG-fueled trucks.
  • Global oil demand growth is forecast at 1.65mb/d this year falling to 1.1mb/d next year, according to Hardy, driven by developing countries.
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