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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WTI Strikes Sept High, Narrows in On Bull Trigger

COMMODITIES
  • Energy markets traded solidly Friday, shrugging off the generally sluggish feel in equity and riskier asset markets. WTI crude futures topped Thursday's best levels to print a new September high of $73.93/bbl. This keeps WTI within striking distance of the bull trigger at $74.23 last printed in late July.
  • Primary drivers remain the expected tightness of the energy market across Winter, with a number of sell-side firms flagging the risks to prices should a colder-than-expected season drive energy demand and thereby prices higher.
  • Gold and silver prices were more mixed, with silver slipping while gold managed to print minor gains. Gold initially traded heavy on broad greenback strength before a spell of buying around the 4pm fix drove metals higher. Ongoing concerns around China real estate giant Evergrande also helped assist a safe haven bid, with US-based bond holders yet to receive a payment due Thursday, triggering a grace period and possibly the beginning of the default process. Initial firm resistance remains at $1787.40, the Sep 22 high. A break here would ease current bearish pressure.
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