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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JCDecaux Q2; Looks Credit Positive On Strong Organic Growth And Lower Debt

COMMUNICATIONS

Rating: Baa3/BBB- EUR Spreads Muted

  • Q2 revenue +16.5% YoY (+3.1% vs. BBG consensus, low number of estimates) with organic revenue growth of 15.4% with all three segments seeing org growth above 10% for both the quarter and the half. France and North America weighing on H1 organic growth at +9.3% and +4.4% vs. the group at +13.4% with all other markets seeing double-digit growth.
  • H1 op margin +170bps YoY to 14.5% while adj-EBIT before impairments of EUR 112.5mn was up from EUR 12.5mn in H123.
  • H1 op cash flow of EUR 139mn is up from EUR 114mn in H123 while H1 FCF of EUR -20mn was up from the EUR -180mn outflow in H123 and is “a satisfactory level at this time of the year given the seasonality of our activity”.
  • Net debt of EUR 957mn is down from EUR 1006mn at FY23 and EUR 1168mn at H123 with the APF/SGA deal offsetting negative cash flow.
  • Q3 organic growth seen around +10%.
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