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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US Gasoline Demand Pessimism Unwarranted: StanChart

OIL PRODUCTS

A pessimistic outlook for US gasoline demand isn’t justified, according to Standard Chartered, despite EIA showing a 4.4% y/y decline in April.

  • “Current demand pessimism is as unwarranted as it was last September and November,” said Paul Horsnell in a May 2 note. An initial estimate for -5.6% in September was revised to -0.4% while initial data pointing to a large fall in demand in November was then completely revised.
  • “There appears to be a systemic downwards bias in the weekly estimates of US fuel demand; gasoline demand has been revised higher in 22 of the past 24 months, while distillate demand (mainly diesel) has been revised higher in all of the past 24 months.”
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