MNI China Daily Summary: Tuesday, Dec 3

MNI BRIEF: China-Based UK Firms Facing Challenges

MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: SWISS NOV CPI -0.1% M/M, +0.7% Y/Y

MNI: TURKEY NOV CPI +2.24% M/M

MNI:AUSTRALIA Q3 CURR ACCT BALANCE -14149M

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

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Yields Remain Bid on Eurobond Sale, Longer-End Issuance Today

SOUTH AFRICA
  • The Dept of Mineral Resources and Energy has warned against the direct granting of sizeable tariff increases for Eskom, stating that such high tariff rises reward inefficiency as prices climb higher. Manufacturers could instead choose to export processes or leave the country altogether, damaging tax revenues as well as unemployment, according to News24. This year, Eskom was granted a 9.6% tariff increase.
  • Two new omicron variant sublineages have been discovered in South Africa, dubbed BA.4 and BA.5, according to Tulio de Olivereira, the director of the Centre for Epidemic Response & Innovation. Tulio adds that there is no cause for alarm as there’s been no major spike in cases, hospital admissions or fatalities.
  • Yields shot higher throughout Monday trade as markets absorbed a rocky two-tranche Eurobond sale of 10y and 30y debt. The local yield curve remains bid headed through Tuesday morning, 10y yields already higher by 1.5bps and back above 10%.
  • In FX, the ZAR traded well Monday, pushing below 14.60 at the close, with stronger precious metals prices – notably platinum group prices – trading well amid a risk-off tone for global assets. Key resistance remains defined at 14.85 & 14.99, while 14.50 & 14.3667 are major supports.
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