MNI China Daily Summary: Wednesday, March 12

MNI BRIEF:Direction Of Inflation Shocks Harder To Call-Lagarde

MNI BRIEF: EU Targets Retaliation Tariffs On US Red States

MNI BRIEF: China To Boost Environmental Equipment Industry

MNI BRIEF: China SME Index Highest Since June 2021

MNI China Press Digest March 12: FDI, Cars, Retail Sales

MNI: JAPAN FEB CORP GOODS PRICE INDEX +4.0% Y/Y; JAN +4.2%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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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CHINA: Country Wrap:  Home Prices Stagnate in January. 

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  • The China securities journal published a positive piece on the relative success of regional governments and their efforts to refinance off balance sheet debts with interest rates on new bonds down by up to 2.5% and tenors of issuance out to 30 years. (source: MNI – Market News)
  • Home Prices Stagnate in January as Lunar Holidays Impact.  New home prices in January fell by -0.07%, a modest improvement from the -0.08% in December. This represented the fifth consecutive month of improvement.  Used home prices fell -0.34%, a modest increase from -0.31% in December.   For used home prices, this halted a run of improving prices for four months. (source: MNI – Market News)
  • Mainland Chinese investors risk appetite seems to be on the improve with $2.8bn of stocks purchases in Hong Kong Tuesday according to a BBG report.
  • Despite the news of Hong Kong demand, the Hang Seng gave back today, down -0.28%, whilst the CSI 300 rose +0.39%, Shanghai +0.54% and Shenzhen +1.19%.
  • CNY:    Yuan Reference Rate at 7.1705 Per USD; Estimate 7.2810
  • Bonds:  after yesterday’s selloff, bonds had a better day today with the CGB 10YR lower by 1bp to 1.70%
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  • The China securities journal published a positive piece on the relative success of regional governments and their efforts to refinance off balance sheet debts with interest rates on new bonds down by up to 2.5% and tenors of issuance out to 30 years. (source: MNI – Market News)
  • Home Prices Stagnate in January as Lunar Holidays Impact.  New home prices in January fell by -0.07%, a modest improvement from the -0.08% in December. This represented the fifth consecutive month of improvement.  Used home prices fell -0.34%, a modest increase from -0.31% in December.   For used home prices, this halted a run of improving prices for four months. (source: MNI – Market News)
  • Mainland Chinese investors risk appetite seems to be on the improve with $2.8bn of stocks purchases in Hong Kong Tuesday according to a BBG report.
  • Despite the news of Hong Kong demand, the Hang Seng gave back today, down -0.28%, whilst the CSI 300 rose +0.39%, Shanghai +0.54% and Shenzhen +1.19%.
  • CNY:    Yuan Reference Rate at 7.1705 Per USD; Estimate 7.2810
  • Bonds:  after yesterday’s selloff, bonds had a better day today with the CGB 10YR lower by 1bp to 1.70%