MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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What to watch

OUTLOOK
  • The highlight of the day in DM space will be the release of the Norges Bank rate decision at 9:00GMT / 10:00CET. The deposit rate will likely be kept at 2.75% in January, in what would be the first unchanged decision since the beginning of the 2022 tightening cycle. Market pricing following the December meeting pointed to a near 50/50 toss up between an unchanged decision and a further rate hike. This has since moderated, with lower expected market rates among trading partners helping drag domestic expectations lower in tandem. As such, markets now assign only an outside chance of a rate hike at this meeting, meaning markets could prove uneventful in the wake of an on hold decision. However, conversely if the Norges Bank was to hike by 25bp today we would expect a decent market reaction, particularly if more hikes are signaled ahead. For the full MNI Norges Bank Preview click here.
  • Elsewhere today we will have supply from Spain and France and some housing data, weekly claims and Philly Fed data from the US.
  • Today we will hear from ECB's Lagarde and Knot as well as Fed's Collins and Brainard.
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