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

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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RUB Revels in Higher Oil Prices as OPEC+ Stays Put on November Output Levels

RUSSIA
  • USD/RUB trades +0.11% higher this morning, broadly in line with a slightly firmer BBDXY.
  • RUB caught a bid in yesterday's session rallying +0.35% on the back of unchanged OPEC+ output policy in November, while the rest of the EM complex ended mostly weaker – roiled by higher UST yields and risk off in US equities.
  • While upside risks to oil are a concern for most countries, RUB denominated oil prices trade at record highs – adding to constructive views on the RUB and local equities with Gazprom driving the MOEX sharply higher.
  • On the data front, PMIs printed above the 50 mark this morning after a number of months of successive declines – showing an uptick in economic activity.
  • CPI data due tomorrow will be the market's next focal point with headline moving to a distressing 7.3% y/y – after numerous forecasts of a peak in prior months.
  • This has been broadly denting optimism in OFZ bonds and reducing carry potential in RUB assets, with the sell-side split on the prospects of a +25 or +50bp hike at the upcoming CBR meeting.
  • With oil prices still underpinned, the outlook for RUB remains constructive in the near to medium term, despite slightly higher geopolitical risks form US debt sanctions.
  • Intraday Sup1: 72.3891, Sup2: 72.2462, Res1: 72.7441, Res2: 73.0047
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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