MNI: Canada March Retails Flat After Feb Decline Led By Gas

STATSCAN SAYS FLASH RETAIL SALES WERE UNCHANGED IN MARCH

MNI China Daily Summary: Wednesday, April 24

MNI BRIEF: China Steel Demand Q2 Limited Rebound

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

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: Italy, EU Auctions, BoE APF Monday

US EIA: CRUDE OIL STOCKS EX SPR -6.37M TO 453.6M APR 19 WK

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Good data - but won't change the narrative

UK DATA
  • Services drove the upside surprise to monthly GDP data - with IP and construction both lower than expected.
  • Within services, "information and communication" was the largest upside driver - with computer games and telecommunications in particular helping drive growth.
  • Consumer facing services grew 0.6% in November but remain 5.8% below pre-pandemic levels with other services 7.5% above pre-Covid levels.
  • The ONS notes that +0.1%M/M or December would give a flat Q/Q reading - while a zero print in December could either round to zero for the quarter or to a negative print.
  • Overall, this is a decent print but is unlikely to alter the narrative going into the February MPC meeting (although note that this will be included in the BOE's updated MPR forecasts).
  • Next week's labour market and inflation data remain far more important to monetary policy in the short-term.
  • EURGBP is little changed since the data was released, with GBPUSD a little lower.
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.