MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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BMO On Canadian CPI Inflation

CANADA
  • CPI came in a little below expectations in June, "for a change, but that's about where the good news ends”.
  • On the monthly rise of 0.7% M/M or 0.6% in seasonally adjusted terms, whilst below consensus of 0.9%, it “would have been at the upper end of anything seen in the decade before the pandemic”. At an annualized increase of just over 8%, “today's result is better, but not good”.
  • There should be some relief likely in next month's report, as gasoline prices are currently tracking roughly a 9% drop in July, which alone will carve almost 4 ticks from the headline tally.
  • However, most of the major measures of core inflation nudged up a bit further in June (the median held steady at 4.9%), hovering around the 5% mark -- we will need to see core relent for inflation to truly peak.
  • The Bank should continue hiking in September, albeit with a more moderate 50bp move at that time.
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