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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FRANCE: PS Willing To Work w/Macronists, But Would Still Be Short Of Majority

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As noted in our previous bullet (see 'OAT: Further OAT/Bund Narrowing, French Stocks To Fresh Intraday Highs', 0903GMT), earlier this morning French media reported comments from Olivier Faure, First Secretary of the centre-left Socialist Party (PS) that his party was ready to negotiate with the centrist Ensemble bloc supportive of President Emmanuel Macron and the conservative Les Republicains in an effort to form a gov't. 

  • Faure said the negotiations would take place on the basis of "reciprocal concessions" and would exist as a "fixed-term contract", likely until the summer of 2025 when the fresh legislative elections can be called. The PS leader is expected to meet with Macron at the Elysee Palace at 1200CET (0600ET, 1100GMT).
  • The comments have drawn a rebuke from other parties in the leftist New Popular Front (NFP) alliance in which the PS sits and ran as part of during the summer legislative election. Manuel Bompard, national coordinator of the far-left La France Insoumise (LFI) posted angrily on X: "Wake up! Respect yourselves! Respect the voters!", while Marine Tondelier from the environmentalist Ecologists said on BFM TV "I say to Olivier Faure: 'be careful,' I say (...) 'vigilance,'". Faure's comments mark the first time since the election that an NFP member has raised the prospect of breaking the alliance to work with parties supportive of Macron.
  • It should be noted that a PS-Ensemble-LR coalition would still fall short of the majority threshold, with their 276 seats coming in under the 288 required for a majority.
  • To cross the threshold such a gov't would need the backing of the catch-all Liberties, Independents, Overseas and Territories (LIOT) group, or to carve off some deputies from the Ecologists. 

Chart 1. National Assembly (Prospective PS-Ensemble-LR Coalition), Seats

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As noted in our previous bullet (see 'OAT: Further OAT/Bund Narrowing, French Stocks To Fresh Intraday Highs', 0903GMT), earlier this morning French media reported comments from Olivier Faure, First Secretary of the centre-left Socialist Party (PS) that his party was ready to negotiate with the centrist Ensemble bloc supportive of President Emmanuel Macron and the conservative Les Republicains in an effort to form a gov't. 

  • Faure said the negotiations would take place on the basis of "reciprocal concessions" and would exist as a "fixed-term contract", likely until the summer of 2025 when the fresh legislative elections can be called. The PS leader is expected to meet with Macron at the Elysee Palace at 1200CET (0600ET, 1100GMT).
  • The comments have drawn a rebuke from other parties in the leftist New Popular Front (NFP) alliance in which the PS sits and ran as part of during the summer legislative election. Manuel Bompard, national coordinator of the far-left La France Insoumise (LFI) posted angrily on X: "Wake up! Respect yourselves! Respect the voters!", while Marine Tondelier from the environmentalist Ecologists said on BFM TV "I say to Olivier Faure: 'be careful,' I say (...) 'vigilance,'". Faure's comments mark the first time since the election that an NFP member has raised the prospect of breaking the alliance to work with parties supportive of Macron.
  • It should be noted that a PS-Ensemble-LR coalition would still fall short of the majority threshold, with their 276 seats coming in under the 288 required for a majority.
  • To cross the threshold such a gov't would need the backing of the catch-all Liberties, Independents, Overseas and Territories (LIOT) group, or to carve off some deputies from the Ecologists. 

Chart 1. National Assembly (Prospective PS-Ensemble-LR Coalition), Seats

Keep reading...Show less