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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APF Sales: Bid-to-Cover Skewed By 20Y Bids

BOE

The BOE long-dated Gilt auction saw a strong bid-to-cover ratio of 2.01x. The previous 4 sales have attracted bid-to-covers of 1.39x-1.86x.

  • We note that the results were somewhat skewed by the GBP667.5mln of bids received for the 3.25% Jan-44 gilt, of which only GBP10.7mln was accepted.
  • The 20s are not seen outperforming following the result, with the 10s-20s-30s UK butterfly only falling 0.5bps, before recovering to now trade flat vs the end of the sale.
  • Yields on 20/30Y Gilts are currently seen around 7bps lower since the sale ended, moving in tandem with core FI markets.
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