AUDNZD: Relative Data Surprises Firmly In NZ's Favor, May Weigh On AU-NZ 2yr
Jul-09 03:36
The earlier surge in the NZ PMI reinforces recent trends around NZ data outperformance relative to A...
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MNI: CHINA MAY EXPORTS +19.4% Y/Y VS MEDIAN +15.0% Y/Y: CUSTOMS
Jun-09 03:34
- CHINA MAY EXPORTS +19.4% Y/Y VS MEDIAN +15.0% Y/Y: CUSTOMS
- CHINA MAY IMPORTS +27.4% Y/Y VS MEDIAN +26.5% Y/Y: CUSTOMS
- CHINA MAY TRADE SURPLUS +$105.43 BLN VS MEDIAN +$92.60 BLN
MNI: CHINA MAY EXPORTS +13.8% Y/Y IN YUAN TERM: CUSTOMS
Jun-09 03:33
- CHINA MAY EXPORTS +13.8% Y/Y IN YUAN TERM: CUSTOMS
- CHINA MAY IMPORTS +21.5% Y/Y IN YUAN TERM: CUSTOMS
- CHINA MAY TRADE SURPLUS +CNY723.98 BLN: CUSTOMS
CHINA: Exports Top Expectations as Imports Surge
Jun-09 03:11
- Those still holding reservations about the growing strength of China's economy may be revisiting their view on rates as May's export numbers topped expectations.
- May exports jumped +19.4% YoY in USD terms topping the April expansion of +14.1%
- Imports surged also up +27.4% above April's expansion of +25.3%
- Exports to the US jump +35.6% YoY to US$39bn whilst Imports from the US rose +20.2% to US$13bn. The accompanying trade surplus widened to US$26bn from $23bn in April.
- China's export sector, driven by surging global demand for high-tech products, is expected to remain robust in the second half, which will provide strong support for the country's economic growth as the recent thaw in trade relations between China and US could help reduce uncertainty over external demand in the months to come.
- A surge in shipping costs between China and US points to the ongoing strength of demand for trade between the world's two biggest economies.
- From a country perspective imports were relatively consistent from the month prior with goods from South Korea topping US$26bn as the AI boom permeates throughout the region.
- The strength in exports is likely to continue into the near term and pushes out any expectations for monetary policy changes. We see limited likelihood for monetary policy changes in Q3, with fiscal policy the main tool for supporting growth for now.
