MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% 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

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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Richer, Mid-Range, Eurozone CPI and US PCE Deflator Due

AUSSIE BONDS

ACGBs (YM +4.0 & XM +3.5) sit in the middle of the Sydney range. There hasn’t been much in the way of catalysts outside the previously mentioned strong to in-line AU capex and private sector credit data, and mixed China PMIs.

  • US tsys sit flat to 1bp lower across benchmarks in Asia-Pac trade.
  • Cash ACGBs are 4bp richer, with the AU-US 10-year yield differential 1bp lower at -8bp.
  • Swap rates are 4-5bp lower.
  • The bills strip bear-flattens, with pricing flat to +7.
  • RBA-dated OIS pricing is flat to 6bp softer across meetings.
  • Tomorrow the local calendar sees CoreLogic House Prices (Aug) and Housing Finance (Jul).
  • Flash CPI from the Eurozone provides the highlight in Europe, after upside surprises to German and Spanish inflation yesterday.
  • Further out we have July PCE deflator, MNI Chicago PMI, Challenger Job Cuts and weekly Jobless Claims data, along with Fedspeak from Bostic and Collins. US Non-Farm Payrolls data is due on Friday.
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