MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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Retail sales data due at 7:00GMT

UK DATA
MNI (London)
  • Retail sales likely declined by 0.6%M/M in December, according to the Bloomberg consensus, with consumers opting to stay at home as the Omicron Covid variant spread through the country. The expected December slump comes after a higher-then-expected 1.4% increase in November suggested that shoppers took advantage of Black Friday promotions staged through late November.
  • Many retailers started Black Friday discounting ahead of the big day on 26 November, potentially shifting December sales into the penultimate month of the year. Cyber Monday, which fell on 29 November, will be included with the December data, but industry leaders make little mention of the event when discussing December activity.
  • We don't expect any real kneejerk sterling reaction to the data. We note that this morning's consumer confidence data was poor, so a poor print here too could set a negative tone for the rest of the day, particularly when SONIA futures open. A positive print, in contrast, would balance sentiment somewhat.
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