MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

IFO Consumer-Related Price Expectations Fall Slightly

Services Inflation Potentially A Touch Softer; Food Prices Jump

Nominal Wage Growth Moderates In April, But Real Wages Remain Positive

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 CPI / HICP due for release at 13:00BST / 14:00CET

GERMAN DATA
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  • Just a reminder that we have German CPI for June due at 13:00BST / 14:00CET. As we noted earlier, from state-level data that equates to 89.1% weighting of the national June flash German CPI print (due at 13:00 BST / 14:00 CET), MNI estimates that national CPI (non-HICP print) rose by around 0.1% M/M (May 0.1%) and 2.2-2.3% Y/Y (May 2.4%). So there are downside risks to the stale consensus of 0.2%M/M and 2.3%Y/Y.
  • Core CPI is estimated around 2.9%Y/Y (from 3.0%Y/Y in May).
  • HICP is also due with consensus at 0.2%M/M and 2.5%Y/Y.
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  • Just a reminder that we have German CPI for June due at 13:00BST / 14:00CET. As we noted earlier, from state-level data that equates to 89.1% weighting of the national June flash German CPI print (due at 13:00 BST / 14:00 CET), MNI estimates that national CPI (non-HICP print) rose by around 0.1% M/M (May 0.1%) and 2.2-2.3% Y/Y (May 2.4%). So there are downside risks to the stale consensus of 0.2%M/M and 2.3%Y/Y.
  • Core CPI is estimated around 2.9%Y/Y (from 3.0%Y/Y in May).
  • HICP is also due with consensus at 0.2%M/M and 2.5%Y/Y.