MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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US DATA: Accelerating Price Pressures For Philadelphia Manufacturers

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • Price components within the Philly manufacturing survey are starting to stand out from other regional Fed surveys again.
  • Current period prices paid are the least unusual relative to other regions although still increased from 26.6 to 31.9 for their highest since Dec 2022.
  • The prices received index had been lagging this input price strength although it jumped from 5.6 to 29.7 in January for its highest since Jan 2023. We only have other January details from the Empire survey (9.3) but other surveys have pointed to much more subdued prices received increases.
  • These price pressures are expected to be sustained. Six-month ahead prices paid increased 9pts to 67.3 (highest since Jan 2022) and whilst prices received ticked 1.3pts lower it was still elevated at 53.6. 
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  • Price components within the Philly manufacturing survey are starting to stand out from other regional Fed surveys again.
  • Current period prices paid are the least unusual relative to other regions although still increased from 26.6 to 31.9 for their highest since Dec 2022.
  • The prices received index had been lagging this input price strength although it jumped from 5.6 to 29.7 in January for its highest since Jan 2023. We only have other January details from the Empire survey (9.3) but other surveys have pointed to much more subdued prices received increases.
  • These price pressures are expected to be sustained. Six-month ahead prices paid increased 9pts to 67.3 (highest since Jan 2022) and whilst prices received ticked 1.3pts lower it was still elevated at 53.6. 
image