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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Supported By A Goldilocks-Style GDP Print

GOLD

Gold is slightly higher in the Asia-Pac session, after closing +0.3% higher at $2020.84 on Thursday.

  • The precious metal was supported by lower US Treasury yields on Thursday after a Goldilocks-style print for Q4 GDP. Q4 GDP printed 3.3% annualised growth, well above the consensus of 2.0%, but the Core PCE Price Index showed 2.0%, in line with consensus and prior.
  • Despite Thursday’s gain, bullion looks set for its second weekly decline ahead of Friday’s US data drop: Personal Income & Spending, PCE Deflator, Pending Home Sales and Dallas Fed Manf. Activity data. The monthly PCE Deflator for December is the standout ahead of next week’s FOMC policy meeting.
  • According to MNI’s technicals team, the bear threat remains present, with support at $2001.9 (Jan 17 low).
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