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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UBS Above Consensus For Core CPI

US OUTLOOK/OPINION
  • UBS sees core CPI at 0.37% M/M in Nov (cons median 0.3, average skewed lower), “reflect[ing] a return to more normal readings in some of the core non-rent services components that were weak in October (airfares, lodging away from home, physician services, education services, and recreation services) as well as a pop-up in CPI used vehicle prices”
  • “We expect another solid increase in owners' equivalent rent (OER) in 40bp to 45bp range. Rents continue to be the primary driver of CPI inflation.”
  • “We see two-sided risks to our projection from the core non-rent services prices that were unusually weak last month.”
  • Referring to large uncertainty: they “would not be surprised to see the core CPI increase anywhere from 23bp to 48bp”
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