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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Yen Extends Slide Amid Firmer Equity Markets

JPY

The rally in USD/JPY resumed Tuesday, allowing the pair to extend its winning streak to five days in a row and attacked resistance from Jul 23 high of Y110.59. The yen retreated across the board as the S&P 500 registered another all-time high, even as tech shares lagged. In addition, Tuesday was a Gotobi day in Japan.

  • USD/JPY last sits at Y110.56, little changed as we type. A clean break above Jul 23/Aug 10 highs of Y110.59/60 would open up Jul 14 high of Y110.70, followed by Jul 7 high of Y110.82. Bears look for a dip through Y108.72, which limited losses on Aug 4.
  • NHK released a poll showing that support for the cabinet fell 4pp to 29% in another sign of rapidly faltering support for beleaguered PM Suga.
  • Flash machine tool orders are due later today, with PPI coming up tomorrow.
  • Worth flagging that there is $1.4bn worth of options with strikes at Y109.85-90 are set to roll off at today's NY cut.
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