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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Spot USD/INR Approaches 200-DMA, PMIs Cross Slightly Above Estimates

INDIA
  • Preliminary PMIs for February came in a touch above expectations (manufacturing 56.7 vs. 56.5 expected). The Nifty 50 index reacted little to the data, though gains accelerated through the session with the index ultimately closing 0.74% in the green, close to its recent all-time highs.
  • The rupee firmed against the dollar towards the end of the session, with Bloomberg noting that foreign inflows into the nation’s debt supported the currency. They add that rupee-denominated bonds have got ~$222m of foreign inflows this week, taking total purchases this year to $4.5bln. 1-month USD/INR forward outrights dipped in European hours, reflecting the aforementioned rupee strength, with the contract trading close to the mid-January lows.
  • Broader weakness in the greenback has no doubt aided the 0.15% decline in spot USD/INR, with the pair trading just above the 200-DMA at 82.8376. Note that we have not traded below this average since July 2023.
  • Looking ahead, GDP data for Q4-2023 is the next local release of note, and will cross on Feb 29.
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