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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Q2 GDP Falls, Softer Domestic Demand Offsets Export Strength, Complicating BoK Outlook

SOUTH KOREA

South Korean GDP unexpectedly contracted in the June quarter contracting -0.2%q/q versus expectations of +0.1%.

  • Following a strong start to the year and a surge in demand for chip manufacturers this was an unexpected release. Consumption fell 0.2%q/q, while construction investment was also down -1.1%q/q, pointing to a soft domestic demand backdrop for the quarter.
  • This puts the BOK in an interesting position on providing support to the economy given surging home prices in Seoul raising concerns from a financial stability standpoint.
  • However, with the government forecasts for 2024 remaining robust, the Q2 number could merely be a short term blip on what will be a strong year for the Korean economy. Recall yesterday's consumer confidence print hit fresh multi year highs.
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