MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

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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1 Month USD/KRW Holding Above 1340

KRW

1 month USD/KRW was mostly range bound post the Asia close on Tuesday. We did get back to ~1345 in NY trade as the dollar rallied amid PMI data beats (and EUR weakness). However, we closed back near 1342. Note onshore spot ended yesterday's session at 1343.10.

  • We have already had October consumer sentiment print, with the headline dipping further, albeit remaining comfortably above 2022 lows. On the inflation side, expectations firmed a touch, the first rise since mid-year (see this link).
  • Tomorrow, we get November manufacturing and non-manufacturing business sentiment readings. Q3 GDP is also out (consensus is +0.5% q/q, prior 0.6%).
  • On the equity side, the lead is positive from US/EU markets in Tuesday trade. In the tech space, the SOX rose 1.38%, the MSCI IT gained 0.73%. Nasdaq futures are weaker in the first part of trade today, down 0.20%, following mixed late earnings results in the US (Microsoft firmer, Alphabet weaker).
  • To recap, the Kospi rose 1.12% yesterday, but offshore investors sold -$49.3mn of local shares.
  • For 1 month USD/KRW we are sub the 20-day EMA (1345). Earlier October lows rest near 1333.40.
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