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

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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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RBC Highlights Africa Discontent as Key OPEC+ Hurdle

OIL

RBC ON OPEC+ - The issue of Angola/Nigeria adjusted quotas remains according to an RBC client note out Wednesday evening with no change reported since.

  • RBC said agreements by the group over the dispute with African nations “appears to be imperative before the group can move to the topic of additional collective and unilateral cuts for 2024.”
  • “It remains our understanding that Angola has been the more difficult case to resolve.” RBC added.
  • “We still believe it’s likely that the group will be able to reach an agreement by tomorrow [note was out Wednesday] that will enable the broader group discussion to commence.”
  • RBC said they see scope for further cuts by OPEC+ if the Angola/Nigeria situation is resolved but believes Saudi will look for support with the cuts from other members rather than shouldering alone.
  • The bank highlights the UAE as an obstacle having pushed hard for a quota increase in June.
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