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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EZ Final Inflation Confirms Flash

EUROZONE DATA
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Eurozone Final HICP confirms flash, January inflation falls with Processed food, alcohol and tobacco, and Core Goods (NEIG) contributions falling from December to January, confirming flash estimates at+2.8% Y/Y (vs +2.9% Y/Y prior) and -0.4% M/M (vs +0.2% M/M prior).

  • Similarly, Core inflation printed in line with flash at +3.3% Y/Y (vs +3.4%Y/Y prior), and -0.9% M/M (vs +0.5% M/M prior).
  • At a country level: Finland saw a +0.4ppt revision to flash Y/Y HICP, whilst Cyprus, Latvia, Lithuania and Slovakia saw flash Y/Y HICP were revised up by +0.1ppt. Luxembourg was revised down -0.2ppt and Portugal was revised down -0.1ppt
  • The final readings show Services contribution stalling to +1.73ppt (vs +1.74ppt prior) and it remains the largest contributor to headline inflation rate.
  • Processed Food, Alcohol, and Tobacco contributed +0.82ppt (vs +0.91ppt prior) - the lowest contribution since March 2022. Unprocessed foods contribution to headline HICP remains at +0.31ppt, the same as December.
  • NEIG contributed +0.53ppt (vs +0.66ppt prior) - also the lowest contribution since July 2021.
  • Energy's negative contribution continues to decrease as expected to -0.62ppt (vs -0.68ppt prior).

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Eurozone Final HICP confirms flash, January inflation falls with Processed food, alcohol and tobacco, and Core Goods (NEIG) contributions falling from December to January, confirming flash estimates at+2.8% Y/Y (vs +2.9% Y/Y prior) and -0.4% M/M (vs +0.2% M/M prior).

  • Similarly, Core inflation printed in line with flash at +3.3% Y/Y (vs +3.4%Y/Y prior), and -0.9% M/M (vs +0.5% M/M prior).
  • At a country level: Finland saw a +0.4ppt revision to flash Y/Y HICP, whilst Cyprus, Latvia, Lithuania and Slovakia saw flash Y/Y HICP were revised up by +0.1ppt. Luxembourg was revised down -0.2ppt and Portugal was revised down -0.1ppt
  • The final readings show Services contribution stalling to +1.73ppt (vs +1.74ppt prior) and it remains the largest contributor to headline inflation rate.
  • Processed Food, Alcohol, and Tobacco contributed +0.82ppt (vs +0.91ppt prior) - the lowest contribution since March 2022. Unprocessed foods contribution to headline HICP remains at +0.31ppt, the same as December.
  • NEIG contributed +0.53ppt (vs +0.66ppt prior) - also the lowest contribution since July 2021.
  • Energy's negative contribution continues to decrease as expected to -0.62ppt (vs -0.68ppt prior).

Keep reading...Show less