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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Slightly Stronger After A Solid Intraday Recovery On Tuesday

GOLD

Gold is 0.1% higher in the Asia-Pac session. This comes after it closed near unchanged at $1970.97 on Tuesday after a strong recovery off a low of $1953.71. The recovery moved bullion away from support at $1943 (Oct 19 low), according to MNI’s technical team.

  • A stronger dollar driven by the higher-than-expected US S&P global October manufacturing PMI at 50 vs 49.8 prior failed to negatively impact the yellow metal.
  • Lower longer-dated US Treasury yields possibly supported gold, although short-dated yields did move higher following the US PMI data release.
  • Gold remains below the five-month high reached last week on the back of the conflict in the Middle East. Tensions have eased this week as ongoing diplomatic measures and the freeing of some hostages have delayed the much-feared Israeli ground assault on Gaza.
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