News Headline Summary

Chinese Trade Balance (Dec)(USD) M/M 31.60bln Vs. Exp. 20.0bln (Prev. 19.63bln)

- Imports (Dec) Y/Y 6.0% Vs. Exp. 3.5% (Prev. 0.0%)
- Exports (Dec) Y/Y 14.1% Vs. Exp. 5.0% (Prev. 2.9%)

- US replaced EU as largest China export market in 2012, according to statistics head at China customs.

Update details:

- The returning growth volume in the trade balance confirms the rebounding of China's economy, which should contribute to the Q4 GDP figures to be released on January 18th.

Reaction details:

- Immediate reaction seen in AUD/USD where price moved up 21 pips from 1.0498 to 1.0519, trades 1.0520 (+6 pips) last.
- Hang Seng immediately spiked higher by 0.36%.
- WTI crude futures immediately moved up USD 0.08 from USD 93.10 to USD 93.18.
- In a continued reaction, 15 minutes after the release the Hang Seng has moved higher to trade with gains of 1% on the day.
- 15 minutes after AUD/USD has moved to its highest level December 18th.

Print 02:00, 10 Jan 2013 - Asian News - Source: Newswires