MNI China Daily Summary: Monday, December 16

MNI: UK DEC FLASH MANUF PMI 47.3 (FCST: 48.5); NOV 48.0

MNI: EUROZONE DEC FLASH MANUF PMI 45.2 (FCST:45.3); NOV 45.2

MNI BRIEF: China To Target Consumption Via Special Debt Issue

MNI Brief: China Expected To Achieve 2024 Economic Goals - NBS

MNI BRIEF: China Nov Retail Sales Unexpectedly Slow

MNI: GERMANY DEC FLASH MANUF PMI 42.5 (FCST: 43.1); NOV 43.0

MNI: FRANCE DEC FLASH MANUF PMI 41.9 (FCST:43.0); NOV 43.1

CHINA NOV INDUSTRIAL OUTPUT +5.4% Y/Y VS MEDIAN +5.5% Y/Y: NBS

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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EQUITIES: Eurostoxx 50 Futures Reapproach Recent Lows, Bearish Theme Intact

EQUITIES
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Despite recent gains, a bearish condition in Eurostoxx 50 futures remains intact. The move lower last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, Nov 6 high, where a break would highlight a reversal. First resistance is at 4857.19, the 20-day EMA. The latest move lower in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. The next key support to monitor is 5830.35, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 6053.25, Nov 11 high.

  • Japan's NIKKEI closed higher by 193.58 pts or +0.51% at 38414.43 and the TOPIX ended 18.27 pts higher or +0.68% at 2710.03.
  • Elsewhere, in China the SHANGHAI closed higher by 22.161 pts or +0.67% at 3346.01 and the HANG SENG ended 87.06 pts higher or +0.44% at 19663.67.
  • Across Europe, Germany's DAX trades lower by 226.8 pts or -1.18% at 18961.25, FTSE 100 lower by 31.86 pts or -0.39% at 8077.41, CAC 40 down 92.51 pts or -1.27% at 7184.13 and Euro Stoxx 50 down 63.31 pts or -1.32% at 4725.55.
  • Dow Jones mini down 241 pts or -0.55% at 43300, S&P 500 mini down 28.25 pts or -0.48% at 5891.75, NASDAQ mini down 94 pts or -0.46% at 20541.75.
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Despite recent gains, a bearish condition in Eurostoxx 50 futures remains intact. The move lower last week marked a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, Nov 6 high, where a break would highlight a reversal. First resistance is at 4857.19, the 20-day EMA. The latest move lower in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. The next key support to monitor is 5830.35, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 6053.25, Nov 11 high.

  • Japan's NIKKEI closed higher by 193.58 pts or +0.51% at 38414.43 and the TOPIX ended 18.27 pts higher or +0.68% at 2710.03.
  • Elsewhere, in China the SHANGHAI closed higher by 22.161 pts or +0.67% at 3346.01 and the HANG SENG ended 87.06 pts higher or +0.44% at 19663.67.
  • Across Europe, Germany's DAX trades lower by 226.8 pts or -1.18% at 18961.25, FTSE 100 lower by 31.86 pts or -0.39% at 8077.41, CAC 40 down 92.51 pts or -1.27% at 7184.13 and Euro Stoxx 50 down 63.31 pts or -1.32% at 4725.55.
  • Dow Jones mini down 241 pts or -0.55% at 43300, S&P 500 mini down 28.25 pts or -0.48% at 5891.75, NASDAQ mini down 94 pts or -0.46% at 20541.75.