MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% 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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TRANSPORTATION: Airline volatility ahead

TRANSPORTATION
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Reminder Delta kicks off Airline earnings tomorrow in US pre-market. Not a local issuer but does move the sector.

  • Points of interest for us will be yield performance in transatlantic routes (20% of group) and corporate travel demand. We are also eyeing any comments around the Paris Olympics - it was one of the few that gave a numeric impact (~$100m or €93m) and caused a bit of a rustle given Air-France was only looking at a €200m impact.
  • AFFP was asked about the above it in the last earnings call - response was "you should ask the IR team of Delta". Regardless the peak impact of it will be this quarter (July-August) and early reads we can get from the sector can soften the beta heading into AFFP earnings (7th Nov).

We continue to encourage caution on both AFFP and Lufty. Former has widened out a tad while Lufty continues to look well tight. IAG, who is having a stellar year, is screening value against it (on 29s) and even standalone vs. other sectors.

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Reminder Delta kicks off Airline earnings tomorrow in US pre-market. Not a local issuer but does move the sector.

  • Points of interest for us will be yield performance in transatlantic routes (20% of group) and corporate travel demand. We are also eyeing any comments around the Paris Olympics - it was one of the few that gave a numeric impact (~$100m or €93m) and caused a bit of a rustle given Air-France was only looking at a €200m impact.
  • AFFP was asked about the above it in the last earnings call - response was "you should ask the IR team of Delta". Regardless the peak impact of it will be this quarter (July-August) and early reads we can get from the sector can soften the beta heading into AFFP earnings (7th Nov).

We continue to encourage caution on both AFFP and Lufty. Former has widened out a tad while Lufty continues to look well tight. IAG, who is having a stellar year, is screening value against it (on 29s) and even standalone vs. other sectors.

Keep reading...Show less