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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Trade Miss Keeps A$ On The Back Foot

AUD

The A$ is close to session lows (0.6740), following the trade data. The trade surplus was just over $8.7bn, well below the $14.65bn estimate. Export growth slumped -10%, while imports were firmer than expected at +5% m/m (more details to follow).

  • AUD/JPY is off recent highs, back to the low 97.00 region. We were at 97.50 earlier in the session. The A$ is underperforming the rest of the G10 complex. AUD/NZD is relative steady though, holding above 1.1140 for now.
  • Still to come is RBA Governor Lowe's speech, which is due in a little over 1 hours’ time. The AU-US 2yr spread is around mid range for this week at -45bps currently.
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