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

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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Reversing Some Of Tuesday's Losses, US EIA Inventory Data Coming Up Later

OIL

Oil benchmarks have spent the first part of Wednesday trade paring some of Tuesday's losses. Brent was last near $85.40/bbl in terms of the front month contract, up nearly 0.50%, after Tuesday's 1.16% dip. More broadly we remain little changed versus end levels from last week. WTI front month was last around $81.20/bbl, having followed a similar trajectory.

  • Looking ahead, focus will rest on the EIA energy inventory data, released later on Wednesday. Bloomberg notes API data pointed to a 900k build in terms of US crude inventories.
  • Otherwise, even with Monday's pullback the broader supply/demand balance is seen as supportive of prices. Notably, the OPEC production cut extension into Q3 and a potential summer boost to fuel demand are supporting prices despite the disappointing early summer demand data.
  • For WTI, the recent move higher has resulted in a break of $80.11, the May 29 high and a key resistance. This paves the way for $82.24, a Fibonacci retracement point. Initial firm support to watch is $78.87, the 20-day EMA.
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