MNI China Daily Summary: Monday, November 4

MNI BRIEF: Key China Steel Province's PMI Up Sharply In Oct

MNI: EUROZONE OCT FINAL MANUF PMI 46.0 (FLASH 45.9); SEP 45.0

MNI: PBOC Net Drains CNY224.3 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1203 Mon; +2.72% Y/Y

CHINA PBOC CONDUCTS CNY17.3 BLN VIA 7-DAY REVERSE REPOS MON

MNI: GERMANY OCT FINAL MANUF PMI 43.0 (FLASH 42.6); SEP 40.6

MNI: FRANCE OCT FINAL MANUF PMI 44.5 (FLASH 44.5); SEP 44.6

MNI: ITALY OCT FINAL MANUF PMI 46.9 (FCST 48.5); SEP 48.3

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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A$ Dips Sub 0.6700, Loses Ground Against EUR

AUD

AUD/USD made fresh lows sub 0.6700 (low of 0.6697) in Thursday NY trade, losing a little over 0.40% for the session. These are levels last seen on Dec 18 last year. The AUD was the second worst performer in the G10 space for Thursday's session (only outperforming the yen).

  • We are back sub the 20-day EMA (near 0.6730), while the 50-day sits further south at 0.6635.
  • The backdrop of a continued recovery in US yields amid firmer labor market data, coupled with a further paring in 2024 rate cut expectations weighed on the AUD.
  • Commodity indices were mixed, the Bloomberg metals index down 1.14%, which has continued to track lower since the start of the year. The aggregate index was flat. Iron ore sits off recent highs, last at $139.60.
  • Underperformance was notable against the EU currencies. EUR/AUD gained 0.66% and is around 1.6330 in early Friday trade. Equity sentiment was weaker in US markets, while EU markets climbed.
  • The local data calendar is empty today.
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