MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

EZ Final Inflation Confirms Flash, But Services Contribution Up

Contributions to the Y/Y change in CPI

Restaurants and hotels drive the upside surprise at first glance

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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China/HK Markets Outperform As Northbound Flows Return

EQUITIES

Outside of gains for China and Hong Kong equities, most regional markets are down. This is line with a weaker tone from Wall St on Wednesday, although higher US futures today (Eminis +0.20%, Nasdaq +0.25%), has likely helped curb losses.

  • China and Hong Kong indices started off lower, but have pushed higher as the session progressed. The HSI is +0.34% at this stage, with the tech sub-index +0.55% after opening lower.
  • The CSI 300 is +0.75%, pushing the index back above 4100. The authorities warned of speculation around the tech sector, particularly in relation ChatGPT.
  • Potential for easier policy settings in Q2, as touted by top China economist, is also likely to have helped sentiment at the margins. Northbound stock connect flows have returned, with +7.43bn yuan coming back so far today. The first positive flows in 5 days.
  • Elsewhere, the Nikkei 225 is -0.25%, while the Kospi (-0.10%) and Taiex (-0.15% are down slightly. Both indices are outperforming the tech sell-offs from Wednesday trade in the major markets.
  • SEA markets are mostly lower, with JCI the exception.
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