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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Risk-Off Prompts Further Weakness In Regional Currencies

LATAM FX
  • Regional currencies are trading on the backfoot amidst weakness in equities and a general risk-off tone in markets. USDMXN is currently 0.9% higher on the day at its highest level since July 02, while USDBRL has risen by 0.8% to 5.63.
    • The gain in USDMXN to around 18.31 at the time of writing follows a larger-than-expected 5.61% y/y increase in headline inflation in the first half of July (although core inflation moderated as expected), leaving the August 8 Banxico interest rate decision in the balance. On the upside, most notable resistance for USDMXN is found at 18.5988, the Jun 28 high.
    • The rise in USDBRL narrows the gap to 5.7134, the 1.382 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing. DI swap rates have also risen another 7bp in the belly of the curve following the increase in 2024 primary budget deficit estimate to 0.25% of GDP this week.
    • USDCLP has risen by 0.2% to 948 on the open amidst a further slide in copper prices, bringing the pair closer to key resistance and the bull trigger at 956.73, the Jun 27 high.
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