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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FINANCIALS: Aon: Revenues Good, Cost Overrun Drives Pre-Tax Miss

FINANCIALS

Aon (AON: Baa2/A- neg/BBB+ neg) results headlines include a 1% revenue beat (commercial risk good, reinsurance a small miss) but with a 10% cost overrun, which is partly acquisition-related and partly internal. Pre-tax, if a USD257m gain-on-sale is excluded, therefore missed by c.35%. Debt levels are up on the acquisition (expected) but that cost overrun isn’t good. Spread on its EUR bond is 29bp wider since last results (and 4bp wider on the month) so expectations were already low, in our view, but the leverage commentary is hardlyinspiring, we feel.

  • “*AON PLC 2Q REV. $3.8B, EST. $3.71B
  • *AON PLC 2Q OPER EXPENSES $3.1B, EST. $2.8B
  • *AON PLC 2Q ADJ EPS $2.93, EST. $3.10” – BBG
  • “We expect our credit metrics will be elevated for 12 to 18 months, and we expect to bring our leverage ratios back in line with levels consistent with our credit profile, driven by substantial free cash flow generation and incremental debt capacity as EBITDA grows” - Company

Conf call is 1230 (London time) at: https://events.q4inc.com/attendee/976971557

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