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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A$ Rebound Aided By Higher CNY/Metal Prices, NZD Lagging

FOREX

A generally softer USD tone is persisting through the first part of Asia Pac trade. The BBDXY off now around 0.10%, last near 1256.

  • USD/JPY probed above 154.00 heading into the Tokyo fix, but now sits back near 153.60, around 0.20% stronger in yen terms, although still above session lows (153.40).
  • We have seen catch up from other parts of the G10 space, mostly notably the A$. AUD/USD last back above 0.6550, +0.20% higher. The positive tone to Hong Kong and parts of China equities are likely helping at the margin. The outlining of stimulus measures for trade-in support for household goods may be a supportive factor.
  • USD/CNY is also tracking lower since the open, around 0.20% stronger in yuan terms, so another positive for the A$. Metal prices are also higher, copper +0.60%, iron ore up above $103/ton are further support points.
  • NZD/USD is lagging, unable to get beyond 0.5890 at this stage.
  • US equity futures are pushing higher, Eminis last +0.38%, Nasdaq futures +0.45%. US yields have ticked higher, but gains are less than 1bps at this stage.
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