MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

MNI: US NAHB HOUSING MARKET INDEX 43 IN JUN

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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CIBC Ahead Of May GDP Report

CANADA
  • CIBC estimate May GDP to have increased 0.4% M/M for in line with the advance estimate.
  • It’s likely to be driven by large gains in manufacturing and wholesale, as well as a rebound in public administration following the end of the federal strike.
  • They see “a further, albeit slight, increase in activity” in June to leave Q2 GDP growth tracking close to 1.5% annualized for in line with the BoC’s MPR forecast.
  • “While GDP growth continues to hold up better than we, and others, anticipated at the start of the year, drivers such as manufacturing and wholesale suggest that this is in large part linked to an easing in supply chain disruptions. Modest growth in areas such as retail sales, air travel and restaurants suggests that consumer demand is waning due to the weight of higher interest rates.”
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