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

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% 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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Vodafone Mixed Results Sees Decent Headline Growth Though German Weakness Persists

COMMUNICATIONS

Rating: Baa2/BBB/BBB[P] EUR Spreads Muted; <1bp Wider

  • Q1 revenue +2.8% YoY (+2% vs. BBG consensus, low estimates for all measures) with service revenue +3.2% (or +5.4% organic) while non-service revenue dragged at +0.8%.
  • The German market returned to negative organic revenue growth having turned positive for the previous three quarters with the issuer facing headwinds on the previously flagged MDU regulatory changes. UK market was flat YoY with Turkey and Africa again the biggest drivers.
  • EBITDAal grew by 2.1% (or +5.1% organic) driven by lower cost inflation & opex phasing though we don’t get much colour on the figure.
  • KPI’s slightly weak with German internet () losses continuing in the wake of the FY24 price increase and mobile users turning to net loss on downsizing of reseller channels and large B2B contract tender losses.
  • FY guidance re-iterated.
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