MNI China Daily Summary: Thursday, June 20

NORGES BANK HEAD: EITHER HIKE OR EARLIER CUT POSSIBLE

NORGES BANK HEAD SEES POLICY RATE AT 4.5% TO END YEAR

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

MNI: PBOC Sets Yuan Parity Higher At 7.1192 Thu; -1.93% Y/Y

IFO Upwardly Revises 2024 Growth Forecast by 0.2pp to +0.4% Y/Y

NOK Little Changed Ahead of Norges Bank; Hold In Rates Expected

Intermediate Goods Deflation Continues to Fade in May PPI

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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Germany Cal 2025 Power Premium to France Widens

POWER
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The German Cal 2025 power base-load contract widened the premium to the French equivalent to the highest since 16 April today, as gains in the wider European energy complex supported the German curve due to its fossil-fuel intensive power mix.

    • France Power Cal 25 up 2.69% at 85 EUR/MWh
    • Germany Power Cal 25 up 3.7% at 97.17 EUR/MWh
  • Germany Cal 2025 power base load is currently tracking the highest since 19 April.
  • The premium to the French equivalent has been widening to €12.26/MWh today, the highest since 16 April.
  • EU ETS for December 2025 delivery have extended gains today to the highest since 10 May, supported by gains in European fuel prices and as well ass support from the front curve.
  • Front year TTF prices are currently tracking the highest since 19 April.
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The German Cal 2025 power base-load contract widened the premium to the French equivalent to the highest since 16 April today, as gains in the wider European energy complex supported the German curve due to its fossil-fuel intensive power mix.

    • France Power Cal 25 up 2.69% at 85 EUR/MWh
    • Germany Power Cal 25 up 3.7% at 97.17 EUR/MWh
  • Germany Cal 2025 power base load is currently tracking the highest since 19 April.
  • The premium to the French equivalent has been widening to €12.26/MWh today, the highest since 16 April.
  • EU ETS for December 2025 delivery have extended gains today to the highest since 10 May, supported by gains in European fuel prices and as well ass support from the front curve.
  • Front year TTF prices are currently tracking the highest since 19 April.