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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BOC Concerned About Increased Inflationary Risks, Sees Economy Weakening

BOC
  • The Bank is concerned with the upside risks to inflation as oil prices rise and inflation expectations remain elevated.
  • "However, Governing Council is concerned that progress towards price stability is slow and inflationary risks have increased, and is prepared to raise the policy rate further if needed. Governing Council wants to see downward momentum in core inflation."
  • BoC revises 2024 inflation forecast up to +3% from +2.5%. 
  • Growth revised down to +0.9% in 2024 from +1.2%.
  • Inflation is forecast to return to the +2% target around mid 2025.
  • The Bank sees signs that supply and demand are re-balancing. The economy is predicted to move into excess supply in the fourth quarter and throughout most of 2024. 
  • Past interest rate hikes are working through the economy as demand has softened for housing, durable goods, and many services.
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