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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Rally Pauses

OIL

Crude futures are lower in Asia, on track to snap a seven day winning streak which saw gains of 12%, the longest run of advances in two years. WTI last trades down $0.10 at $58.26, brent is just below neutral levels at $61.06.

  • API inventory data after market yesterday showed a draw in headline crude stocks of 3.5m/bbls, above the 2.7m/bbl decline estimated. The market will look to the US DOE weekly inventory report due later later for further clarity on price direction.
  • Some supply concerns evident in downstream products, gasoline stockpiles rose by 4.81m/bbls, if DOE data matches this it would be the biggest build since April.
  • There were some concerns over supply, the in its short term energy outlook the EIA said oil explorers are set to boost drilling and production from the second half of this year, with crude prices above breakeven levels. The agency did note that US consumption is unlikely to reach pre-pandemic levels before the end of 2022.
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