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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Rand Recoups Losses, PPI Readings Print Slightly Below Expectations

ZAR

Spot USD/ZAR has trimmed the bulk of its earlier losses despite the controversy caused by an interview with Andre de Ruyter, who stepped down as Eskom CEO yesterday. The rate reduced losses as its one-month implied volatility pulled back from intraday highs. At typing, USD/ZAR deals at ZAR18.2330, some 60 pips below neutral levels.

  • Bear flattening has crept into the local-currency bond space, with yields sitting lower across the curve. Benchmark FTSE/JSE Africa All Share Index has more than erased yesterday's decline and is ~1.1% better off. The commodity complex has firmed, albeit precious metals have struggled to post any notable gains.
  • Earlier in the day, South Africa's PPI for January printed at +12.7% Y/Y, narrowly missing the +12.8% consensus forecast (-0.6% M/M vs. -0.4% expected).
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