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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CONSUMER CYCLICALS: Robert Bosch (RBOSGR NR/A/A): Acquisition

CONSUMER CYCLICALS

Negative for spreads. Although not a surprise, the transaction is larger than expected. We await funding details. Spreads have already underperformed somewhat on recent headlines.

  • Bosch will pay $8bn (€7.7bn) for Johnson Controls’ HVAC Solutions and the JC-Hitachi Air Conditioning JV. The assets generate around €4bn in revenue. Bosch had been linked with JC assets, but in the several billion range.
  • No funding details have been released at this point. The CEO had previously touted partial unit IPOs as a funding source.
  • Bosch had €4.5bn EBIT for FY23. Assuming 12% margin, this acquisition adds around €0.5bn. Without mitigation, this deal would add around 1.5x turns of ND/EBIT.
  • Bosch has also been linked with a bid for Whirlpool; it’s unclear where that stands now.
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