MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

MNI: US JUN INDUSTRIAL PROD +0.6%; CAP UTIL 78.8%

Foreigners Buy CAD20.9B of Canada Securities In May Led By Debt

MNI: US JUN HOUSING STARTS 1.353M; PERMITS 1.446M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Final June HICP Confirms Sticky Services Narrative

EUROPEAN INFLATION
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Eurozone final headline HICP confirmed the rounded June flash prints (i.e. to 1dp), at +2.52% Y/Y (vs 2.52% flash, +2.57% in May) and +0.21% M/M (vs +0.21% flash, +0.22% in May). Contributions from all main categories remained largely unchanged compared to May - keeping the overall narrative of sticky services inflation intact for the moment.

  • Core inflation on an annual basis printed broadly in line with flash at +2.87% Y/Y (+2.86% flash, +2.87% May) - on a sequential comparison. The M/M to 1dp was revised up by a tenth - but using the unrounded this was only an increase from +0.34% to +0.35% (+0.44% May).
  • In terms of the larger countries, Greece, Spain, Croatia saw upwardly revisions to flash HICP by 0.1pp to +2.5%, 3.6%, and 3.5%, respectively. Belgium and Austria meanwhile saw downwardly revisions, both by 0.1pp, to +5.4% and +3.1%.
  • The final readings show that contributions to headline HICP were largely unchanged from May for all major categories.
  • Services, remained the largest contributor to HICP overall, contributing 1.84pp (1.83pp May). Food, alcohol and tobacco contributed 0.48pp (0.51pp May), energy 0.02pp (0.04pp May), and non-energy industrial goods 0.17pp (0.18pp May).
  • Later today, the ECB releases calculations of key underlying inflation metrics, based on the final data, which will form part of the Governing Council's decision making process as it assesses prices pressures going into the July meeting.
223 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Eurozone final headline HICP confirmed the rounded June flash prints (i.e. to 1dp), at +2.52% Y/Y (vs 2.52% flash, +2.57% in May) and +0.21% M/M (vs +0.21% flash, +0.22% in May). Contributions from all main categories remained largely unchanged compared to May - keeping the overall narrative of sticky services inflation intact for the moment.

  • Core inflation on an annual basis printed broadly in line with flash at +2.87% Y/Y (+2.86% flash, +2.87% May) - on a sequential comparison. The M/M to 1dp was revised up by a tenth - but using the unrounded this was only an increase from +0.34% to +0.35% (+0.44% May).
  • In terms of the larger countries, Greece, Spain, Croatia saw upwardly revisions to flash HICP by 0.1pp to +2.5%, 3.6%, and 3.5%, respectively. Belgium and Austria meanwhile saw downwardly revisions, both by 0.1pp, to +5.4% and +3.1%.
  • The final readings show that contributions to headline HICP were largely unchanged from May for all major categories.
  • Services, remained the largest contributor to HICP overall, contributing 1.84pp (1.83pp May). Food, alcohol and tobacco contributed 0.48pp (0.51pp May), energy 0.02pp (0.04pp May), and non-energy industrial goods 0.17pp (0.18pp May).
  • Later today, the ECB releases calculations of key underlying inflation metrics, based on the final data, which will form part of the Governing Council's decision making process as it assesses prices pressures going into the July meeting.