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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Zloty Comes Under Pressure, WIGBANK Sinks After CJEU Delivers Opinion On FX-Loans Case

PLN

The Zloty sold off and Polish banking stocks took a hit as a legal aide to the Court of Justice of the European Union (CJEU) said in a non-binding opinion that Polish banks should not be able to charge interest on controversial CHF loans cancelled by courts.

  • The opinion was issued by the CJEU's Advocate General and does not constitute a formal ruling in the case brought by Polish consumers. However, such opinions inform the Court's deliberations and are usually indicative of the later verdict.
  • EUR/PLN spiked to PLN4.7773, then pared gains and last sits at PLN4.7716, up 121 pips on the day. Technical focus turns to the 61.8% retracement of the Sep 30 - Dec 26 sell-off/Feb 14 high of PLN4.7945/4.7987 and a break here would expose the 76.4% Fibo retracement level at PLN4.8340.
  • POLGBs are showing resilience and remain broadly stronger on the day, despite ticking away from best their levels of the session on the release of the CJEU opinion.
  • Local stocks have faltered, with benchmark WIG20 index down ~1.25% and testing support from its 50-DMA as the court opinion sends WIGBANK ~2.75% lower.
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