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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SWITZERLAND: CHF Catches Up With JPY as Carry Trade Reversal Dominates

SWITZERLAND
  • CHF playing catch-up with JPY in recent trade, joining the currency among the best peformers in G10. The move started in earnest at the European open, evident in CHF/JPY's rally off the base at 173.27, and like the JPY is most notable against growth-, risk- and commodity-proxy currencies. 
  • The currency will be benefiting from the reversal in carry trade dynamics following BoJ intervention, with CHF's status as a funding currency mirroring that of the JPY. This countered any dovish impact from the early bid in Euribor, which lent itself to a new contract high print at 99.155 in the Dec-24 SARON future - signalling that rate expectations are not the driver of the current spot move. 
  • NZD/JPY was a focus in late Asia/early Europe trade on several technical breaks - NZD/CHF is following suit with the break of the bear trigger at 0.5282, the mid-April low. Next level of note in EUR/CHF crosses at the 0.9603 200-dma. 
     
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