MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BRIEF: Mexico Inflation 4.98% In June, Above Consensus

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

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

MNI: US REDBOOK: JUL STORE SALES +5.7% V YR AGO MO

Weak May Releases Raise Further Recovery Into Question

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

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

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

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German Court Rejects Injunction On EU COVID-19 Recovery Package Ratification

EU

The German Federal Constitutional Court issued a ruling today, rejecting an injunction that sought to stop the ratification of the EU's long-term budget and COVID-19 recovery package in the German parliament.

  • Full judgement (in English):https://www.bundesverfassungsgericht.de/SharedDocs...
  • The German Constitutional Court has long been a tool of eurosceptic Germans to bring cases against integration efforts, but this ruling goes against that grain in enabling the German parliament's ratification process of the long-term budget ('Next Generation EU') and its associated COVID-19 recovery fund to go ahead.
  • One of the major complaints about the recovery fund has been the increased 'own resources' for the Commission to be raised by the institution borrowing up to EUR750bn on capital markets, something never permitted before.
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