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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Stocks Bounce, But Last Week's Highs Still Intact

EQUITIES
  • Continental equity markets trade uniformly higher, with stocks following a bounce in sentiment after the demobilization of Russian troop units at both the eastern and southern Ukrainian borders. Markets are reversing the risk-off poise adopted early Monday, helping consumer discretionary, tech and financials outperform across the European morning.
  • While the bounce in stocks looks promising, prices are yet to make any material challenge on last week's highs, suggesting the risk of a Russian incursion remains partly priced into assets at this point. As such, the e-mini S&P targets 4520.50 initially ahead of the 100-dma at 4567.4.
  • S&P E-minis traded sharply lower Friday and remains vulnerable. The contract recently failed to hold above the 50-day EMA - at 4549.15 today. This average represents a firm resistance and a clear break would suggest scope for a stronger rally towards 4671.75 initially, Jan 18 high. The Jan 10 candle pattern is a bearish engulfing reversal, signalling a potential top and the recent move lower reinforces the pattern.
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