MNI China Daily Summary: Thursday, December 12

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MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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EUROZONE DATA: Headline HICP Unsurprisingly Tracking In Line With Consensus

EUROZONE DATA

We have now received June flash HICP estimates from around 54% of the Eurozone basket. MNI’s current tracking of the Eurozone-wide print (released next Tuesday) is 2.50%, in line with consensus expectations.

  • This is an unsurprising development, after data from France, Spain and Italy all printed in line with consensus this morning.
  • The above estimate assumes that German HICP (released on Monday) will also print in line with forecasts at 2.6% Y/Y.  Excluding Germany, tracking would tilt a little closer towards an unrounded 2.45%.
  • The French and Spanish data suggested that services inflation remained sticky in June (and Italian services inflation only fell a tenth). 
  • This indicates that analyst forecasts for services to remain above 4.0% Y/Y in June remain on track.
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