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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SCANDIS: Pressured By This Morning’s Equity Selloff

SCANDIS

The latest leg lower in European equity futures sees EURNOK push through the August 2023 high at 12.0062, currently +0.6% today. The cross has now rallied almost 7% off the June 21 low.

  • Key resistance lies at 12.1064, the May 2023 high (and all-time high if one excludes the covid/negative oil price-induced spike in March 2020).
  • EURSEK is similarly 5% above the June lows, with 11.7709 (April 30 high) providing key resistance.
  • A reminder that reduced summer liquidity in Scandi crosses may continue to be exacerbating intraday moves.
  • For the Riksbank, recent currency weakness alone may not be enough to dissuade the Executive Board from cutting rates on August 20.
  • However, an unexpected re-acceleration in July inflation (released August 14) will increase the appeal of a delay in further easing until the September meeting. 
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CEEMEASwedenBulletNorwayGlobalForeign Exchange BulletsRegion

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