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 T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

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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Tsys Recover Some Ground With the Fed in Blackout

US TSYS
  • Markets started the new week with a risk-on tone with S&P eminis making new contract highs (ESH4 4898.25), while FI markets recovered some ground lost to last week's pushback from the Fed regarding projected rate cut pricing through mid-2024.
  • Fed entered blackout regarding monetary policy late Friday (through February 1, day after the first policy annc for 2024). The Bank of Japan kicks off the latest central Bank policy annc cycle sometime after 2130ET tonight, BoJ Ueda presser follows appr 4 hours later.
  • Moderate volumes, TYH4 over 1.1M as the contract see-sawed in the upper half of the session range, trading 111-13.5 (+9.5) after the bell -- well inside technicals: with resistance at 111-26/112-26+ (20-day EMA / High Jan 12) vs. support at 110-26 (Low Jan 19).
  • Lone data point on the day: Conference Board leading economic index fell by less than expected in December, down -0.1% M/M (cons -0.3) after -0.5%. It marks the first beat since the August report and is only the third beat for the past year, whilst it’s also the smallest decline since a flat print in Mar 2022.
  • Tuesday focus: Regional Fed Mfg Data, and Tsy 2Y Note Sale. The main focus, however, is on estimate of Q4 GDP released Thursday, followed by consumer spending and PCE deflators on Friday.
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