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

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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 Mixed, Front-End Outperforms, China Lowers 1yr Loan Rate

CREDIT UPDATE
  • Asian equities followed global markets lower today, with tech names hit the hardest. Japan equities are 2-4% lower as concerns grew over a potential BoJ interest rate hike while the yen continues to surge higher. SK Hynix tumbled as much as 8.4%, even after solid earnings leading to the Kospi to trade 1.60% lower
  • Aus credit saw better buying through the front-end of curves, Snr Bank Paper was 1-3bps tighter, Bank Sub was 1-2bps tighter, while there was some selling of 7-10yr Corp paper although we closed little changed.
  • FMGAU saw late US selling after releasing their sales report, Northern Star's FY24 Sales & costs in Line With Guidance - bonds are mainly traded out of the US.
  • Asia IG is 1-3bps weaker, after the global tech rout saw weakness in the sector, while Macau gaming names also traded lower on the back of Sands China's results, there was also some weakness in China Financials after the PBoC cuts one-year loan rates, although this benefitted some real estate names.
  • Indonesian quasis such as PLNIJ & PERTIJ were 2-5bps weaker again as the IDR continues to slip over the past few days leading to higher funding costs on the USD lines.
  • Headlines: China’s Central Bank Cuts One-Year Policy Loan Rate, China Builder Greentown’s Unit Plans Up to 1.5B Yuan Green Bond, MAS Likely to Keep Policy on Hold in July - BBG
  • Aus iTraxx CDS is 1.5bp higher at 66bps & Asia Ex-J iTraxx is 2bps higher at 97.5bps
  • Primary: Resimac Bastille AUD, GBP 2024-2nc RMBS, LBBW A$ 5-Year Senior Preferred Kangaroo Bonds, Dongxing Voyage Co Ltd $Benchmark 3Y 5.8% Area
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