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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View Change: Nomura now look for 4.75% terminal rate and push back cuts

BOE

Nomura has updated it's BOE view:

  • "After such strong inflation and earnings readings already this week, we now struggle to see any of that data stopping the MPC from raising rates further. As such, we take this opportunity to add another 50bp to our Bank Rate view – reflecting a 25bp hike in May and another in June. That would mean a peak rate of 4.75% by June."
  • "We have also pushed back our view of rate cuts modestly to begin in August 2024 (i.e. just over a year after the last hike), whereupon we expect 125bp of cuts (5x25bp moves) to reach 3.50% by February 2025 (the same terminal rate as we’d previously expected, but achieved later and with more cuts required)."
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