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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RBA’s Bullock And CPI Data Focus Of The Week

AUSTRALIA DATA

The highlights of the week will be RBA Governor Bullock’s appearances on Tuesday and Thursday and Wednesday’s Q3 CPI data.

  • Q3 and September CPI data are released on Wednesday and will be a key input into the November RBA decision. Headline is forecast to have eased to 5.3% from 6% in Q2 but September may have risen 0.2pp to 5.4%. The Q3 trimmed mean is also expected to be lower at 5%. RBA watcher McCrann wrote in The Australian that he believes an increase above 1.5% q/q would be needed to get the RBA to hike again.
  • RBA Governor Bullock speaks at 1900 AEDT on Tuesday at the CBA global markets conference. Then on Thursday at 0900 AEDT she appears with Assistant Governor Kent before the Senate Economics Committee. This latter appearance will be important for gauging the RBA’s interpretation of the CPI data.
  • Preliminary Judo Bank October PMIs print on Tuesday. The September composite reading rose back above 50.
  • On Thursday, Q3 import and export prices are published and are expected to show a further deterioration in the terms of trade. Q3 PPI is out on Friday.
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