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 & RBC Keep Mar & Apr Liftoff As Base-Case

CANADA
  • BMO note that while Canadian price trends were no worse than expected for a second month, inflation still “looks to have plentiful staying power, with oil prices on the march, firms reporting intense labour shortages, and core inflation grinding up”.
  • They think the BoC “will tee up a March move at next week's meeting, although we cannot rule out more immediate action (and the market is leaning heavily that way)”.
  • “A more interesting debate is just how far the Bank will ultimately need to go on the rate front to bring inflation under better control—and that's where Canada's calmer core trends versus others [in the G7] could be key”.
  • RBC meanwhile see a “base-case for an April hike but with any meeting, including next week’s, a significant possibility”.
  • CPI ex food & energy increased to 3.4% Y/Y. “That caps off a year of strong gains – boosted by surging house, car and industrial input prices. All of those factors are expected to keep a floor under prices in the near-term”.
  • "Business near-term inflation expectations have increased with orders outstripping production capacity amid ongoing supply chain disruptions. And extremely tight labour markets are expected to push wages higher."
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