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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Mester's hawkish comments fail to move Fed Pricing

MACRO ANALYSIS
  • On business cots, pricing power & wages: "Hearing mixed views on pricing expectations from business contacts. Input pricing pressures have eased, along with their ability to pass higher costs on. Some firms have been able to maintain pricing power but not as many. Wages haven’t come down that much but other input costs have."

  • On cuts; "It’s really going to be dependent on how the economy evolves. March is probably too early in my mind because we need to see more evidence… the Dec CPI report just shows there’s more work to do which requires restrictive mon pol. But as we see more evidence that seeing sustainable downward path to 2% inflation, we'll have that conversation of whether it’s time to move the Fed Funds rate lower back towards a neutral rate."

  • Front Fed Futures little moved (~+1bp) on the remarks.
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