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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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 3-6bp tighter as a confluence of factors support core FI with the DM team flagging a surprise 20bp MLF cut from the PBoC overnight set the tone, before weak UK and European earnings sparked a broader risk-off. Soft European survey data from France and Germany (IFO) alongside a continued unwind of JPY carry trades helped exacerbate the moves.
  • Main/XO are +1.7bp/+7bp at 56.2bp/305bp while €IG/€HY looks +1bp/+9bp and Cons Disc underperforming with EUR primary markets closed. Notable curve movers include Thames (27s 100bps tighter), Universal Music (up to 16bps tighter), Prosus (up to 14bp wider), Stellantis (up to 15bp wider), Kering (up to 13bp wider) and Verallia (up to 9bp wider).
  • SXXP is -1.3% with Media the big underperformer at -3.6% while SPX futures are -0.2%. Notable €IG movers include Lonza Group +7%, Unilever +7%, BAT +4%, Sanofi +4%, Universal Music -23%, Renault -11%, Vivendi -8%, Nissan -7%, Kering -7%, Verallia -7%.
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