MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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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Baht Is The Laggard After GDP Estimates Cut

ASIA FX
  • CNH: Offshore yuan is marginally weaker, despite a busy session. The PBOC withdrew CNY 100bn at the MLF operation today, rolling over CNY 600bn and letting CNY 100bn of the total CNY 700bn coming due mature. Chinese data was weak with industrial production, retail sales and FAI all missing estimates.
  • SGD: Singapore dollar is weaker, giving back some of Friday's gains. From a technical perspective the pair is just below resistance at 1.3567, a 23.6% retracement level.
  • TWD: Taiwan dollar is stronger, but has given back the majority of its opening gains. Late on Friday Taiwan lifted its GDP growth forecast to 5.88% from 5.46% previously, citing an export and investment boom and looser virus restrictions.
  • KRW: Korean markets closed for Liberation Day
  • MYR: Ringgit is lower, PM Muhyiddin reportedly told his Cabinet colleagues that he intended to submit his resignation letter to the King today. Muhyiddin could remain in office in caretaker capacity until lawmakers select his successor. Local media outlets noted that current Deputy PM Ismail Sabri is seeking to muster enough support to replace Muhyiddin.
  • IDR: Rupiah is flat. The government will today present the 2022 budget to lawmakers. The Jakarta Post reported that IDR100tn worth of capital injections for ailing state-owned enterprises. This represents 4% of the total size of the budget. Indonesian markets will be closed tomorrow in observance of the Independence Day.
  • PHP: Peso is weaker. The Philippines reported 14,749 on Sunday, the largest daily case count since the beginning of April. OCTA Research Group warned that they expect daily cases to continue rising this week, adding that they estimate that the virus reproduction rate in the National Capital Region is at 1.90.
  • THB: Baht is weaker, and the laggard among its peers. Data earlier showed GDP printed above estimates in Q1 at 7.5% Y/Y, following the release Thailand cut its 2021 GDP growth estimate from range 1.5% to 2.5%.
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