MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

MNI: GERMANY Q3 FINAL GDP 0.1% Q/Q (VS FCST 0.2%)

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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USD Retreats As Asia Sees Mild Risk On Tone

FOREX
Another fairly quiet Asia-Pac session to start December, though at least a measure of a broader risk-on tone was evident as Asia-Pac equity indices and U.S. e-minis pushed slightly higher and the USD gave back some of the gains seen in European/NY hours. There was a decent docket of regional data today, notably with PMIs improving in Australia, Japan, and China. South Korean export data was encouraging also which helped support the risk on tone.
  • Dallas Fed President Kaplan spoke briefly during the session, he said the next 3-6 months will be difficult but expects growth in Q4 and Q1.
  • In China the yuan strengthened modestly, USD/CNH last down around 0.12% at 6.5672 and matching its lowest level from yesterday. China Caixin PMI for November rose to 54.9, the highest level since 2010. Coupled with yesterday's beat in official manufacturing PMI this indicates a strong recovery from the pandemic.
  • AUD/USD rose around 0.3% to 0.7365, the pair shrugged off an unchanged, vanilla RBA rate announcement. The pair has gradually moved higher during Asia hours as the greenback weakens and broader equity markets rally at the start of a new month. There was also some positive news on the local COVID front, with Western Australia set to reopen its borders to Victoria and NSW on Tuesday 8 December.
  • Looking to Europe, GBP and EUR both moved higher against the dollar to the tune of approximately 0.25%, GBP is supported by positive sounding Brexit comments from Ireland's Prime Minister Martin.
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