MNI China Daily Summary: Tuesday, Dec 3

MNI BRIEF: China-Based UK Firms Facing Challenges

MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI: US BLS: JOLTS OPENINGS RATE 7.744M IN OCT

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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Volatility Set To Remain High, Lula Plan In Focus

BRAZIL
  • Markets return from the Republic Day Holiday and heightened BRL volatility is expected to continue as markets watch for news on a constitutional amendment that would allow the government to bypass the spending cap during President-elect Luiz Inacio Lula da Silva’s entire mandate.
    • According to reports, the tone of the news seems to have changed during Tuesday’s holiday; CNN reported that Senate President Rodrigo Pacheco signalled to Lula that he would agree to leave the expenses from the social aid program -- Bolsa Familia -- out of the fiscal rules for four years. (BBG)
  • As a quick reminder, President-elect Lula’s transition team were reported to be weighing a more conservative alternative to finance next year’s social outlays as investors eagerly await spending details, according to two people with knowledge of the matter on Monday. (Bloomberg)
    • USDBRL was hit on the news from roughly 5.33 to a low of 5.2720, but largely pared the declines before Monday’s close.
  • Released earlier this morning - prices measured by IPC-S inflation index rose by 0.70% on a weekly comparison, exactly in line with the median estimate in a Bloomberg survey, after climbing 0.71% in prior reading.
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