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

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

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: ISM Services, Fed  Barkin Joins Speakers

US TSYS
Tsys drifting near late overnight highs, nearly recovering from Thu's rout, yield curves flatter (2s10s -2.315 at -85.879) with Bonds leading: USM3 +26 at 123-28.
  • Final data for the week (prior, est):
    • S&P Global US Services PMI (50.5, 50.5); Composite (50.2, --) at 0945ET
    • ISM Services at 1000ET Services Index (55.2, 54.5); Prices Paid (67.8, --), Employment (50.0, --) and New Orders (60.4, --).
    • Trading desks setting sights on next week's employ data, however: ADP (106k, 200k) early Wednesday, headline NFP next Friday (517k, 215k).
  • Scheduled Fed speakers on tap today:
    • Dallas Fed Logan, opening remarks Booth School event, text, 1100ET
    • Atl Fed Bostic, recorded comments at racial inequality conf at 1200ET
    • Fed Gov Bowman Booth panel on mkt dysfunction, text, Q&A at 1500ET
    • Richmond Fed Barkin, Stanford economic summit on inflation at 1615ET
    • Fed's Logan and Bostic unlikely to move the needle on markets while Bowman partakes in mediated Q&A at the close, Barkin in afternoon.
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