Market-moving data and events

China’s reopening in the midst of recessionary data

• Chinese exports fell 8.7% YoY in November
• Chinese Politburo vowed to focus on boosting domestic investment and demand in 2023
• President Xi visited Saudi Arabia and vowed to expand Chinese imports of Saudi LNG. Meanwhile, Saudi Arabia agreed to work with Huawei on cloud computing and high-tech centers in Saudi cities. President Xi expressed his desire to pay Saudi imports in CNY, instead of USD, but this move seemed to have been discussed and not yet agreed upon.

The global services economy (ex-China) outperformed expectations in November Nov. Services PMIs

• Surprise to the downside: China Caixin: 46.7 vs 48e
• Surprise to the upside or...