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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QBE Insurance (QBEAU BBB-, BBB, BBB-) First Half Results

CREDIT UPDATE
  • QBE Insurance reported mixed first half results this morning, although net income grew results were slightly below analysts expectations, equity has dropped 3.75% so far today, vs the about a 1% rise in other insurers today.
  • Key Metrics: net income doubled to $802m, up from $400m y/y, gross written premiums grew by 1.9% to $13.05 billion, revenue increased by 5.2% to $10.44 billion. The combined operating ratio improved to 90.1% from 95% y/y. Interim dividend per share increased to A$0.24 from A$0.14 y/y.
  • Strategic Moves: The company undertook a $1.6 billion reserve transaction to de-risk 20% of its long-tail reserves, expected to yield a ~$230 million net capital benefit and improve its APRA PCA multiple by ~0.03x. The transaction is set to complete in Q4 2024, subject to regulatory approval.
  • QBE stated it is highly probable the $700m 2044s will be called in December, following this QBE has two perps that are able to be called from June 2025 with 20-days notice every 5 years.
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