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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APAC Credit Has Slow Start To Week, Asian Banks Outperform

CREDIT UPDATE
  • Asian equities are higher today, led by a bounce in global markets. Tech stocks are performing well after the Philadelphia SE Semiconductor Index jumped almost 2% on Friday, locally the weaker yen has supporter Japanese markets with benchmark indices up over 2%, Taiwan equities continue to underperformed and trade just 0.20% higher for the day, there has been heavy selling from foreign investors recently as they look to book profits on some semiconductor names.
  • Aus credit is a touch tighter today after some weakness on Friday, corps are trading 1-4bps tighter, with better buying further out the curves. Financials are unchanged today.
  • Asia credit was weaker during the US session on Friday, with Asia IG Benchmark names about 1-2bps wider. Today, we have seen very little action, there has been some buying in gaming names after selling off late last week on the back of Las Vegas Sands results, Asia Banks are performing well today after bank equities prices rose while they has been better buying in Korean & Chinese SEO names.
  • In the EM quasi and sov space, we have seen buyers came back into Indonesian quasi names after selling off for the past two weeks, which has also helped Malaysian names, while sovs have slightly outperformed US tsys.
  • Headlines: Country Garden Wind-up Postponed Until Jan - BBG
  • Aus iTraxx CDS is 1bps lower 65bps & Asia Ex-J iTraxx is 1.5bps lower at 96bps
  • Primary: CapitaLand Ascott REIT SGD 150m Perp-NC5.5, 4.9% area & Keppel Infrastructure SGD Perp-NC10 at 5.15% Area.
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