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

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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 Yields the Key Driver, as Stocks Extend Post-Fed Weakness

FOREX
  • The greenback pulled lower to begin the pre-holiday trading week, with the USD Index shedding 0.2% to the benefit of CAD, AUD and EUR. JPY was the poorest performer, however, prompting EUR/JPY to add well over 1% off the overnight Asia-Pac lows.
  • The primary driver for markets Monday were Treasury yields playing catch-up, with the 10y yield adding 11bps to touch the best levels since last week's Fed decision.
  • Yield gains worked against spot gold, which inched to session lows alongside the closing bell in London. Volumes across gold futures ticked higher on the move, but thin volumes and low liquidity were evident, with activity running at 40% below average.
  • Stock markets extended their post-Fed decline, with the e-mini S&P pushing to a fresh December low of 3848.75. This makes for a clean break of the 50-dma at 3906.6, opening November's 3735.00 as the next major support.
  • Focus Tuesday turns to RBA minutes and the Bank of Japan decision slated for release during the Asia-Pac trading day, while US housing starts and building permits make for the focus of the European/US trading day. ECB's Kazimir and Muller make up the speaker slate.
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