MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

MNI China Daily Summary: Friday, November 22

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, DE Due on Tuesday

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

GERMANY
Policy NewsCEEMEAEurozoneGermanyBulletPolitical RiskFixed Income BulletsForeign Exchange BulletsMarkets

German finance minister Kukies sees himself prepared for a set of scenarios regarding the implementation of the 2024 supplementary budget in an ARD interview on Sunday. 'Preparations are being made for both options: Either the German Bundestag will pass a supplementary budget or we will manage without one.’" … "At the moment, it also looks very good that we can get through without having to impose budget freezes" - that is Handelsblatt citing the ARD interview.

  • "Income and expenditure" were being scrutinised on a daily basis, Kukies added. Finance ministry data showed tax  receipts developing comparatively favourably in October ('German Tax Revenues In Line; Income Threshold Bill To Watch' - MNI, Nov 22).
  • Note that the supplementary 2024 budget initially was announced in July but has not passed in Bundestag before the breakdown of the traffic light coalition, and will be decisive for E11.3bln of additional net issuance in 2024 (E50.3bln instead of E39bln w/o).
  • Passing would now likely require votes from opposition leader CDU after pro-business FDP left the coalition. According to last commentary from CDU chancellor candidate Merz, his party should be compliant in voting for the supplementary budget after chancellor Scholz initiated the process for early elections (scheduled Feb 23) - so a passing remains the base case for now.
210 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.

German finance minister Kukies sees himself prepared for a set of scenarios regarding the implementation of the 2024 supplementary budget in an ARD interview on Sunday. 'Preparations are being made for both options: Either the German Bundestag will pass a supplementary budget or we will manage without one.’" … "At the moment, it also looks very good that we can get through without having to impose budget freezes" - that is Handelsblatt citing the ARD interview.

  • "Income and expenditure" were being scrutinised on a daily basis, Kukies added. Finance ministry data showed tax  receipts developing comparatively favourably in October ('German Tax Revenues In Line; Income Threshold Bill To Watch' - MNI, Nov 22).
  • Note that the supplementary 2024 budget initially was announced in July but has not passed in Bundestag before the breakdown of the traffic light coalition, and will be decisive for E11.3bln of additional net issuance in 2024 (E50.3bln instead of E39bln w/o).
  • Passing would now likely require votes from opposition leader CDU after pro-business FDP left the coalition. According to last commentary from CDU chancellor candidate Merz, his party should be compliant in voting for the supplementary budget after chancellor Scholz initiated the process for early elections (scheduled Feb 23) - so a passing remains the base case for now.