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 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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What to Watch: Fed Speakers Ahead Blackout, UofM Sentiment

US TSYS
  • US Tsy are mildly higher for the most part, short end still weaker after rates slipped to the lowest levels since prior to the Dec 13 FOMC annc overnight. Cross-over support occurred after soft German PPI and UK Retail Sales lifted core EGBs in early London trade.
  • Mar'24 10Y +2.5 at 111-09, 10Y yield remains above 4% at 4.1283% (-.0137), curves are scaling back small portion of this week's steepening, 2s10s -1.417 at -22.879 after tapping -15.973 late Tuesday.
  • Focus remains on Fed speakers ahead of the policy blackout that starts tonight, and data after projected rate cuts through midyear have receded (first 25bp cut still looking around June).
  • Chicago Fed President Goolsbee kicks the day off with interview on CNBC at 0830ET. SF Fed President Daly follows up on Fox Business at 1115ET and again at a San Diego economic roundtable/fireside chat at 1615ET. Meanwhile, Fed VC Barr will discuss bank supervision (no text, Q&A) at 1300ET.
  • Today's data includes UofM inflation expectations and Existing Home Sales at 1000ET, followed by TIC Flows at 1600ET.
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