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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Evans Pushes Back On 75bp Hike

FED
  • Chicago Fed's Evans ('23 voter) has unsurprisingly pushed back when asked about the prospect for a 75bp hike, broached by St Louis Fed's Bullard yesterday (although not Bullard's baseline either), saying he doesn't see any need for moving in larger than 50bp clips.
  • Instead, he indicated he prefers two 50bp hikes, not surprising either considering he has indicated he wants to see the Fed Funds target range at 2.25-2.5% at the end of this year, requiring 200bps of hikes over the coming six meetings.
  • The more notable comments came earlier, saying he expects the target range to go above neutral in 2023, when he's a voter, but that it's too far away to have conviction.
  • FOMC-dated Fed Funds futures sit at 49.5bps for May, 98bps for June and 224bps to year-end, the latter seeing an almost 10bp increase on the day.
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