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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Fuel Levy to Counter June’s 20% Rise in Petrol Prices

SOUTH AFRICA
  • Announced yesterday, the government are to extend fuel subsidies by an extra two months to blunt the impact of surging energy prices on the consumer. The relief is to be funded by a liquidation of a portion of their strategic oil reserves. As per Treasury calculations, the withdrawal would have contributed to an increase in petrol prices of close to R4 per litre, and push prices of 95 octane unleaded petrol (ULP) to above R25 per litre, an increase of just under 20% next month.
  • The AA have welcomed the fuel levy policy move, however added that massive increases in fuel prices are still to hurt consumers and the economy.
  • Negotiations surrounding public servant wages continue, with the government tabling a 4.5% wage hike offer (their previous offer was no pay rise at all) while the union demands still sits at 10%. In an EWN interview, however, trade union sources said they were willing to revise their demands.
  • ABSA Manufacturing PMI data is the highlight going forward, with markets expecting the May read inline with April’s 50.7. The data crosses at 1000BST/0500ET.
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