MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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Rand Extends Gains, South Africa's Off'l Unemployment Rate Falls More Than Forecast

ZAR

USD/ZAR continues to head lower in line with broader greenback weakness, with the Rand cementing its position as best EMEA performer. The rate last changes hands at ZAR16.9610, down ~1,930 pips on the day, with Nov 24 low of ZAR16.9073 providing the initial layer of support.

  • South Africa's official unemployment rate dropped more than expected to 32.9% in Q3 from 33.9% recorded in Q2, with the manufacturing sector driving employment gains despite record power outages.
  • BBG Commodity Index remains at elevated levels, last sitting ~1% higher on the day. The precious metals subindex operates ~1.1% higher, having erased the entirety of yesterday's gain.
  • The FTSE/JSE Africa Top40 Index retraced its opening upswing which took it to new cyclical highs just shy of the 68,000 mark. The index trades marginally above neutral levels.
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