EM ASIA CREDIT: China Vanke (VNKRLE): Focused on funding

The Chinese Commerce Ministry has announced a 55% additional tariff on beef imports from certain countries, including on the US.

• The full press release is here
• “The safeguard measures will be in effect for three years, from January 1, 2026 to December 31 , 2028. The safeguard measures will be gradually relaxed at fixed time intervals during the implementation period .”
• "The State Council Tariff Commission made a decision based on the Ministry of Commerce's proposal to impose additional tariffs on imported beef beyond the prescribed quantity on the basis of the currently applicable tariff rate . The additional tariff rate is 55% .”
• “For products originating from developing countries (regions), safeguard measures are not applicable if their import share does not exceed 3% , and the total import share of these countries (regions) does not exceed 9% “
• Major countries impacted by the tariff ruling:
  • Brazil
  • Argentina
  • New Zealand
  • Australia
  • The US

A reminder that Eurex is closed for trading in all derivatives today and tomorrow. Meanwhile, European/UK STIRs and bond futures/options listed on ICE Europe will close at 12:15 London today, with the exchange closed on Thursday 1 January 2026.

• RES 4: $4600.00 - Round number resistance
• RES 3: $4578.3 - 1.618 proj of the Oct 28 - Nov 13 - Nov 18 swing
• RES 2: $4549.9 - High Dec 26 and the bull trigger 
• RES 1: $4430.8 - Low Dec 23                     
• PRICE: $4325.3 @ 07:10 GMT Dec 31 
• SUP 1: $4274.7 - Intraday low 
• SUP 2: $4183.5 - 50-day EMA 
• SUP 3: $4109.7 - Low Nov 25 
• SUP 4: $3998.1 - Low Nov 18

The trend structure in Gold is unchanged, it remains bullish and a sharp sell-off this week appears corrective - for now. The trend is overbought and a deeper retracement would allow this condition to unwind. First support at $4324.8, the 20-day EMA, has been pierced. A clear break of the average would expose the 50-day EMA at $4183.5. For bulls, a resumption of gains would open $4578.3, a Fibonacci projection.