MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% 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

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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Government Raises 2024 Primary Deficit Estimate To BRL 28.8bn

BRAZIL
  • In its bimonthly income and expenditure report, the government raised its 2024 primary budget deficit estimate to BRL 28.8bn ($5.2bn), or 0.25% of GDP, at the limit of the range established in the fiscal framework. The government initially forecasted a BRL 14.5bn deficit. In the press conference after the report’s publication, Treasury Secretary Rogerio Ceron said that the government is confident it will meet the fiscal target and will do what’s needed to do so.
  • After rallying over 1% against the dollar earlier in yesterday’s session, BRL gave up some its gains to close 0.38% firmer on the day at 5.5768. For USDBRL, a resumption of gains would signal scope for a climb towards 5.7134, the 1.382 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing. The 50-day EMA, the next support, lies at 5.3845 and a clear break of this average would be needed to highlight a potential reversal.
  • On the data front, the macro calendar is light today, with focus on mid-month inflation figures due Thursday. Meanwhile, Finance Minister Haddad and BCB president Campos Neto are due to attend the National Monetary Council meeting online at 1900BST(1400ET).
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