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Morning Bites (part 1)

🏗China’s preliminary excavator sales were down 34% YoY in November (domestic + export), following the 29% YoY decline in October, according to CME estimates. Specifically, domestic sales (a key indicator of construction activity) are set to be 47% weaker YoY, after the 43% YoY drop in October. In our view, this trend, if it persists, would indicate that there is no recovery in China's stressed real estate sector, despite Beijing's efforts to bolster the sector. However, the new potential stimulus for the local economy might add support to construction activity and bolster the demand for industrial metals (e.g. steel, copper and aluminium) in 2024

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