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Morning Bites (part 2)

🏦China’s aggregate financing jumped 24% YoY in November to CNY 2.45tn, missing the consensus estimates of CNY 2.60tn. Meanwhile, traditional bank loans fell 10% YoY (vs. +20% YoY in October), being 16% below the consensus estimates. According to Reuters, China's central bank (PBoC) is expected to deliver some monetary policy easing in the coming weeks, following the announced adjustments, which are aimed at supporting the country's economic recovery in 2024. This would be positive for local construction activity, if the measures materialise and, hence, for China’s demand for industrial metals next year

To recap, China represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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