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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Crude And Gold Boosted by Gaza Ground Invasion Headlines

COMMODITIES
  • Crude’s session has been closely defined by Israel-Hamas tensions, gaining stronger after comments from Israeli PM Benjamin Netanyahu suggesting a ground invasion will be conducted. The move sees a reversal of yesterday’s weakness in the face of a stronger USD.
  • According to Reuters, Netanyahu says: "The timing of an invasion will be reached by consensus," adding that he, "won't give details."
  • Crude stocks showed a build vs expectations of a draw (+1.37mln vs vs exp -477k). Crude exports ticked lower on the week but remained high at 4.8mbpd. Imports edged higher on the week to just over 6mbpd, while refinery runs fell to the lowest since March at 15.189mbpd.
  • MNI Commodity Weekly: US Sanctions Relief for Venezuela Faces Pressure After Opposition Election Result -Full piece here:
  • WTI is +1.9% at $85.34, pushing further away from support at $80.20 (Oct 6 low) but still off resistance at $89.85 (Oct 20 high).
  • Brent is +2.3% at $90.10 vs support at $85.18 (Oct 12 low) and resistance at $93.79 (Oct 20 high).
  • Gold is +0.6% at $1982.38 on the above invasion headlines, maintaining its bullish outlook and seeing a step closer to resistance at $1997.2 (Oct 20 high).
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