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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USDMXN Strength Extends Overnight To Reach 21.4630

MEXICO
  • USDMXN had a brief spike to just shy of the 21.50 mark, coinciding with the December 2021 highs and briefly breaching touted resistance at 21.3920, 61.8% of the Nov 26 - Feb 23 downleg. The pair has since edged lower as the dollar index pares recent gains and equity indices trade on a surer footing.
  • In the latest survey from Citi - Mexico analysts raised their 2022 CPI estimate to 4.88% Vs. 4.50%.
    • Additionally, they expect the next rate move to be a 50 bps increase in March.
    • 2022 yr-end inflation raised to 4.88% from 4.50%, 2023 raised to 3.80% from 3.70%
    • 2022 GDP cut to 2.00% from 2.10%, 2023 GDP held at 2.10%
    • 2022 yr-end rate raised to 7.50% from 7.25%, 2023 yr-end rate raised to 7.75% from 7.50%
  • Mexico’s dependence on foreign oil imports is disadvantageous amid current high energy costs, the central bank’s deputy governor Gerardo Esquivel said in an interview on Radio Formula on Monday.
    • Scale of impact on Mexico’s economy and public finances will depend on development of Russia’s invasion of Ukraine.
    • Mexico will emerge from the pandemic in a better fiscal position than other emerging markets who have greater debt.
    • Solid growth expected in 2023, but the government will soon have to revise its growth estimate downward for this year. (BBG)
  • Banxico’s Heath via twitter:
  • “The increase of one million four thousand workers insured by the IMSS in the last 12 months is very good news in the midst of not so good news.”
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