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

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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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Scotiabank Says Activity Data Reinforces Call For Rate Stability

COLOMBIA
  • The ISE expanded by 3.0% y/y, slightly above the Bloomberg consensus of 2.8%, while in monthly seasonally adjusted terms economic activity contracted by 1.5%.
  • Underlying dynamics reflect that private demand is weakening, and it reinforces Scotiabank’s call for rate stability in April's monetary policy meeting.
  • All in all, Scotiabank are finding a picture of overall stability in headline inflation, a reduction in inflation expectations, and economic deceleration that are strong arguments for the central bank to pause the hiking cycle at the current 13.00% level.
  • For 2023, they project an expansion of 1.5% that would allow the central bank to start rate cuts in the final quarter of the year to close at 12.00%.
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