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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BOC Cuts Rates Again, Says More Could Be Justified

BOC
  • The Bank of Canada cut interest rates for a second time by 25 bps to +4.5% and said more cuts could be justified if inflation slows as expected.
  • Governor Macklem said while risks to the outlook are balanced "the downside 
    risks are taking on increased weight in our monetary policy deliberations."
  • "If inflation continues to ease broadly in line with our forecast, it is reasonable to 
    expect further cuts in our policy interest rate. The timing will depend on how we 
    see these opposing forces playing out."
  • Macklem said that progress back to target will likely be uneven. Base effects from gasoline are expected to pull inflation down in the second half of this year before edging up again. 
  • BoC revised down the 2024 growth forecast from +1.5% to +1.2%, and expects excess supply to counter shelter inflation and other service price increases. 
  • BoC sees signs wage growth is easing, but noted that the rate is still elevated.
  • The press release said the Canadian dollar has been relatively stable. Economists have been forecasting the extent to which the BoC can diverge from the Fed before CAD weakness emerges. 
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