MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

MNI: FRANCE NOV INDUSTRIAL PRODUCTION +0.2% M/M, -1.1% Y/Y

MNI: FRANCE NOV CONSUMER SPENDING +0.3% M/M, +0.3% Y/Y

MNI: NORWAY DEC CPI -0.1% M/M, +2.2% 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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ZAR: Rand Remains On Back Foot, 19.0 Figure In Play

ZAR
EM BulletBulletEmerging Market News

USD/ZAR trades at 18.9259, over 200 pips better off, with the psychologically significant 19.0 figure coming under attack. A break above that level and Jun 6 high of 19.0054 would support the bullish case, opening up Apr 23 high of 19.2696. The recent formation of a "golden cross" highlights existing topside momentum. On the flip side, our technical analyst flags Jan 6 low of 18.4323 as the initial support of interest.

  • Tensions around ex-President Zuma's MK Party continued to simmer as the leader applied for the reinstatement of his ANC membership, which some see as part of his plan to make inroads into rival political camps. Meanwhile, another senior EFF lawmaker resigned, following a series of defections to the MK Party.
  • Concerns about hawkish trade rhetoric from US President-elect Donald Trump have weighed on high-beta FX recently, taking their toll on the rand.
  • SAGB yields have crept higher across the curve. South Africa's 10-year breakeven inflation rate has climbed to 5.56%, hitting its highest levels in two months.
  • The composite BBG Commodity Index sits 0.1% higher on the day, with the precious metals subindex last seen 0.4% above neutral levels.
  • Statistics SA will release data on manufacturing production for November at 11:00GMT/13:00SAST.
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USD/ZAR trades at 18.9259, over 200 pips better off, with the psychologically significant 19.0 figure coming under attack. A break above that level and Jun 6 high of 19.0054 would support the bullish case, opening up Apr 23 high of 19.2696. The recent formation of a "golden cross" highlights existing topside momentum. On the flip side, our technical analyst flags Jan 6 low of 18.4323 as the initial support of interest.

  • Tensions around ex-President Zuma's MK Party continued to simmer as the leader applied for the reinstatement of his ANC membership, which some see as part of his plan to make inroads into rival political camps. Meanwhile, another senior EFF lawmaker resigned, following a series of defections to the MK Party.
  • Concerns about hawkish trade rhetoric from US President-elect Donald Trump have weighed on high-beta FX recently, taking their toll on the rand.
  • SAGB yields have crept higher across the curve. South Africa's 10-year breakeven inflation rate has climbed to 5.56%, hitting its highest levels in two months.
  • The composite BBG Commodity Index sits 0.1% higher on the day, with the precious metals subindex last seen 0.4% above neutral levels.
  • Statistics SA will release data on manufacturing production for November at 11:00GMT/13:00SAST.