MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

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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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USD Modestly Lower As Equity Futures Rally Further

FOREX

The BBDXY sits down a touch from end levels last week (last near 123460), but up from earlier session lows of 1233.7.

  • The early risk on impetus in US equity futures biased both NZD and AUD higher. However, after getting to 0.6614, AUD/USD sits back near 0.6590/95 in latest dealings. Higher USD/CNH levels and weaker HK/China equities likely weighing at the margin.
  • NZD/USD is also off highs, last near 0.6115, up marginally for the session so far.
  • US equity futures have largely held close to session highs, led by Nasdaq futures (up 0.65%). US yields have been mixed, but a curve flattening theme remains evident.
  • USD/JPY got to lows of 147.74, but sits higher now, last close to 147.90, still modestly firmer in yen terms (+0.15%). Highs for the session came in at 148.33.
  • The calendar for the rest of today is light with the Fed’s blackout period now in place and only the US leading index for December printing.
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