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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Solid Equities Remain a Tailwind for Sentiment

FOREX
  • The USD sits broadly unchanged, as early support from an incline in the US 10y yield faded through early European hours. This tempered a pullback in most major pairs, with EUR/USD and GBP/USD finding a base at earlier lows and looking more stable headed through to the US open.
  • Equity markets remain a source of sentiment strength, as the e-mini S&P holds the entirety of the Friday rally and keeps European cash markets afloat.
  • NOK is marginally the poorest performer in G10 so far Monday, but recent ranges are being largely respected. Moves come ahead of the Norges Bank rate decision on Thursday - although no change in policy is expected, and markets wait until March for the next policy path projection update.
  • With both the ECB and the Fed inside their pre-meeting media blackout periods, central bank is expected to be muted for the first half of the week, with data few and far between on Monday also. As such, markets will be positioning and preparing for the Tuesday BoJ rate decision. While no change in policy is foreseen, communications and messaging surrounding normalisation in April will be carefully watched.
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