(08 NOVEMBER 2017)DAILY MARKET BRIEF 2:China in focus on a slow news day

Perhaps the timing might be questionable but China trade surplus with the US dropped to $26.2 in Oct from $28.08. Interestingly US president trump will be traveling to Beijing today to meet Xi Jinping. Overall while exports dragged increasing 6.9% y/y from 8.1% (against 7.1% exp), Imports surged 17.2% leaving trade surplus of $38.2 bn for the month. The rising import is good news for regional commodity exporters and indication that domestic demand have improve due to rebalancing. However, for Oct read Iron ore imports buckled as China made efforts to halt pollution through crackdown on steel producers. China’s weaker export growth suggests slowing global growth.

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