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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USD/KRW 1 Month Through 1300, As Tech Equities Slump

KRW

1 month USD/KRW surged above 1300 post the Asia close, getting as high as 1308.5 late in NY trade. We closed near 1304.50, while onshore spot ended yesterday at 1296. The won faltered amid broader USD/yield gains and the associated carry over to tech equity weakness. Upside targets in the pair rest with mid Dec highs near 1320, while the 200 (1295.3) and 100 (1293) day EMAs may act as support points on the downside.

  • In the tech equity space, the SOX fell sharply, down just over 3.3%, for the third straight session of losses. The MSCI It fell by 2.29%. Both indices are basically back to flat for Feb to date. Higher core yields were a clear headwind through Tuesday.
  • To recap, the Kospi rose 0.16% yesterday, with offshore investor flows close to flat (+$7.7mn).
  • Earlier, South Korea manufacturing and non-manufacturing sentiment rose, albeit more for the latter. Non-manufacturing sentiment is now back to 74, from 70, while manufacturing sentiment edged higher to 66 from 65. Short term external debt prints later for Q4.
  • Tomorrow the focus rests on the BoK decision, no change is expected, with the policy rate currently at 3.50%.
  • The other focus point will be the authority's response to renewed FX weakness, given USD/KRW has now breached the 1300 level.
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