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

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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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US 10YR FUTURE TECHS: (M4) Retracement Mode

US 10YR FUTURE TECHS
  • RES 4: 110-16   50.0% retracement of the Feb 1 - Apr 25 bear leg 
  • RES 3: 109-31+ High May 16 and bull trigger 
  • RES 2: 109-04+ 50-day EMA   
  • RES 1: 108-26+ 20-day EMA  
  • PRICE:‌‌ 107-25 @ 20:11 BST May 29
  • SUP 1: 107-25+ 76.4% retracement of the Apr 25 - May 16 rally 
  • SUP 2: 107-21+ Low May 29
  • SUP 3: 107-12+ Low Apr 30 and May 1 
  • SUP 4: 107-04 Low Apr 25 and the bear trigger

Treasuries traded heavy after the poorly received 7y note auction, extending the pullback from 109-31+, the May 16 high and a key short-term resistance. Note that support at 108-15, the May 14 low, has been cleared. The break undermines the recent bullish theme and instead signals scope for a deeper retracement. This has opened 108-00 ahead of 107-25+, a Fibonacci retracement pierced on Wednesday. On the upside, initial firm resistance is seen at 109-04+, the 50-day EMA. 

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