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's Rogers Reiterates Need More Than Mon Pol Tools To Tackle Housing

CANADA
  • Q: There’s a lot of talk about the boom in immigration in the MPR. Is it your belief that the economy would have been in recession without it last year? How does immigration boom play out in the medium term of housing market?
  • Rogers: It’s absolutely the case that housing activity is sensitive to interest rates and other factors too (zoning, labour availability, population growth). We’ve had a long-standing housing imbalance that has moved to other large and also smaller cities – it’s structural and won’t be fixed miraculously by interest rate changes. Shelter inflation has some similarities but there are other aspects such as rent and other housing costs (including insurance, maintenance costs). We can look past mortgage insurance to a certain degree but other housing costs are a real cost to Canadians so we can’t look past them. We are going to lower interest rates if the economy goes in the way we expect but it isn't a magic solution for housing. It would be a mistake to pin hopes on rates fixing housing imbalances - Canadians need a more fullsome and coordinated policy response than that.
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