MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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DIW: "All Signs Point to Recession"

GERMAN DATA
MNI (London)
  • The German Institute for Economic Research (DIW Berlin) sees the German economy as currently in a recession. This is very similar to IFO, who are already predicting a 'winter recession' and was echoed by ECB Executive Board member Isabel Schnabel last week, who stated that a technical German recession was becoming increasingly likely.
  • The DIW economic cycle barometer was similar to the August reading, dipping to 79.8 and remaining well under the average of 100.
  • High inflation, the energy crisis and weak economic outlooks underpin the continued decline. The Ukraine war has had strongly negative consequences on the energy-intensive German industry, which continues to struggle with associated supply issues. The economic slowdown in China has added to declining export demand.
  • As a result, the DIW expects losses of around 5% of GDP in 2022 and 2023.
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