MNI China Daily Summary: Monday, January 13

MNI BRIEF: China December Vehicle Sales Up 10.5%

MNI BRIEF: PBOC To Add Forex Reserves Allocation In HK - Pan

MNI BRIEF: China 2024 Oil Imports Down 1.9%

CHINA DEC EXPORTS +10.7% Y/Y VS MEDIAN +7.4% Y/Y: CUSTOMS

MNI: PBOC Sets Yuan Parity Lower At 7.1885 Mon; -2.21% Y/Y

MNI BRIEF: China 2024 Exports Grow 5.9% Y/Y

CHINA 2024 EXPORTS +7.1% IN YUAN TERM: CUSTOMS

USDA: CORN STOCKS 12,074M BSL ON JAN 1

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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Solid European PMIs, Bank of Korea Unchanged

EMERGING MARKETS
  • EU/UK: European PMI numbers from across France, Germany as well as the UK painted a picture of a solid services sector, and slightly lagging - but resilient - manufacturing. The UK numbers were a particular highlight, as both services and manufacturing topped forecasts, helping GBP/USD extend recent outperformance to hit a recovery high of 1.3129 ahead of the NY crossover. The stronger-than-expected data has weighed on major EGB futures.
  • GLOBAL: In a Washington Post opinion column, David Ignatius writes that, according to unnamed US officials, "U.S. officials think Hamas leader Yehiya Sinwar, [...] favors the deal.[...] But Hamas seems to be playing a waiting game, probably in the hope that Iran or Hezbollah will attack Israel - and thereby transform the battlefield." Following the killing of Hamas' political bureau chief Ismail Haniyeh in Tehran last month, tensions have been elevated surrounding the prospect of an escalatory Iranian retaliation. This has so far not materialised, with Tehran potentially put off by the US moving a substantial naval flotilla, including two aircraft carriers, into the region.
  • US: In a press release sent to media on 21 Aug, the campaign of independent presidential candidate Robert F. Kennedy Jr. announced that he is set to deliver an address to the nation at 1400ET (1900BST, 2000CET) on Friday 23 Aug. It is widely expected that Kennedy will announce his withdrawal from the race and endorse Republican candidate, former President Donald Trump.
  • South Korea: The Bank of Korea will consider rate cuts cautiously amid concerns over financial stability and global risk factors, noted Governor Rhee Chang-yong on Thursday, following the board's unanimous decision to hold the Base Rate unchanged at 3.50%. The Board has now held the rate steady since January 2023, or 13 straight meetings, its longest period without change. Its decision was largely anticipated.
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