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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What to Watch: PMIs, Tsy Auctions, Earnings, Geopol Headlines

US TSYS
US markets back from Presidents day holiday, yields higher, 30YY back near middle last Fri's range at 3.9225% high, yield curves bear steepening (2s10s +2.169 at -78.474). No scheduled Fed speakers ahead Feb FOMC minutes release tomorrow at 1400ET.
  • Data kicks off at 0830ET w/ Philadelphia Fed Non-Manufacturing Activity (-6.5, --); S&P Global US Mfg PMI (46.9, 47.2) Services (46.8, 47.3), Composite (46.8, 47.5) at 0945ET; Existing Home Sales (4.02M, 4.1M), MoM (-1.5%, 2.0%) at 1000ET.
  • Tsy auctions: Tsy auctions: US Tsy $60B 13W. $48B 26W bills at 1130ET; $42B 2Y Notes (91282CGN5) and $34B 52W bills at 1300ET.
  • Equity earnings continue after the close: FANG ($5.23 est), PSA ($3.97 est), TOL ($1.38 est), CHK ($2.86 est).
  • Gepol: President Biden will follow yesterday’s surprise trip to Kyiv with a major foreign policy speech in Warsaw today to mark the one-year anniversary of Russia’s invasion of Ukraine.
  • Russian President Vladimir Putin pre-empted Biden’s speech with his own annual address to the Russian Federal Assembly, accusing the US of starting the war and claiming the “objective of the west is limitless power.”
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