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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Lower US Yields Support A$, RBA’s Bullock Speaks Later

AUD

Aussie was one of the better G10 performers on Monday as the USD index lost 0.5% as US yields fell. AUDUSD rose 0.3% to 0.6336, off the intraday high of 0.6349. It fell below 63c early in the European session and reached a low of 0.6289.

  • The bear trigger remains at 0.6286 and a clear break of this would confirm a resumption of the downtrend. Initial resistance is at 0.6393, the October 18 high.
  • Aussie is 0.3% lower versus the euro and pound at 0.5939 and 0.5176 respectively. Both pairs are close to their intraday lows. AUDNZD is 0.1% higher at 1.0834. AUDJPY is up 0.25% to 94.85.
  • Equity markets were generally mixed with the S&P down 0.2%, the FTSE -0.4% but the Euro stoxx up 0.4%. Oil prices fell around 2% with Brent closing at $90.44/bbl. Copper is 0.5% higher and iron ore down to around $112/t.
  • Today preliminary October Judo Bank PMIs print. Later RBA Governor Bullock speaks on “Monetary Policy in Australia: Complementarities and Trade-offs” at 1900 AEDT.
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