MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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Indices Soft, But Lockdown Themes Outperform

EQUITIES
  • Headline indices all traded lower Tuesday, with the e-mini S&P rolling well off the alltime highs posted in early Asia hours. Bluechips led the way lower, with the Dow Jones Industrial Average falling 1% or more at some points of the session to narrow the gap with 50-dma support.
  • Weakness across all three major US equity indices follows increased concern over the more transmissible delta variant of COVID as well as a weaker-than-expected ISM services index. This translated to outperformance in lockdown-themed trades including Zoom Communications and Amazon and a bias for risk-off, which flattened the Treasury curve and worked in favour of the US dollar.
  • Continental markets were similarly weak, with Germany's DAX and Spain's IBEX-35 leading with losses of 1% apiece.
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