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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Tight

FOREX

Major currency pairs have stuck to tight ranges so far, ahead of the release of U.S. NFP report. A modest risk-on feel materialised in early Asia-Pac trade, as encouraging earnings reports from Snapchat and Amazon fuelled recovery in U.S. tech equities, which has reduced demand for safe haven currencies at the margin.

  • The yen has regained poise after finishing Thursday as the worst G10 performer, albeit it still struggles for any topside momentum. Its safe haven peers USD and CHF trade on the back foot.
  • The kiwi dollar sits atop the G10 pile as we type. Government data showed that NZ job ads rose about 1.0% Q/Q in the final quarter of 2021, following an upward revised 0.8% gain recorded in Q3.
  • Apart from U.S. jobs data, today's data highlights include Canadian labour market report, EZ retail sales & German factory orders. Central bank speaker slate features BoE's Bailey, Broadbent & Pill, ECB's Villeroy & the new Norges Bank Governor. BoJ Gov Kuroda speaks in parliament as we type.
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