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PBOC Injects Net CNY142 Bln Thurs; Rates Unchanged

CHINA PBOC INJECTS CNY519 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1212 THURS VS 7.1254

Fresh Cycle High On Wednesday

MNI: BAKER HUGHES US RIG COUNT 622; OIL RIGS 500; GAS RIGS 117

US EIA:NAT GAS STORAGE -7 BCF TO 3,826 BCF NOV 17 WK

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Government Predict November Inflation Could Slow to Below 10%

HUNGARY
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News
  • CPI came in softer than forecast at 0.4% M/M vs. Exp. 0.5% (Prev. 0.7%), Y/Y 12.2% vs. Exp. 12.4% (Prev. 16.4%). This marked the eighth consecutive sequential slowdown in inflation, with food price inflation dropping to 15.2% from 19.5% in the prior month.
  • Household energy remains a key driver of disinflation, with prices declining by 14.6%, driven by gas largely, which dropped 33.5% from a year prior.
  • The economy ministry stated the data was evidence of the government's success in fighting inflation, predicting CPI may slow to below 10% in November.
  • Local press continues to focus on yesterday's news that the Hungarian banking sector have reportedly given in to pressure to introduce rate caps on both corporate and retail lending on a temporary basis, under pressure from the government and under threat of potential bank levies. As of yesterday, banks are setting a 12% cap on working capital loans for business and an 8.5% cap on home lending. Economy minister Nagy described the move as supportive of the economic recovery.
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  • CPI came in softer than forecast at 0.4% M/M vs. Exp. 0.5% (Prev. 0.7%), Y/Y 12.2% vs. Exp. 12.4% (Prev. 16.4%). This marked the eighth consecutive sequential slowdown in inflation, with food price inflation dropping to 15.2% from 19.5% in the prior month.
  • Household energy remains a key driver of disinflation, with prices declining by 14.6%, driven by gas largely, which dropped 33.5% from a year prior.
  • The economy ministry stated the data was evidence of the government's success in fighting inflation, predicting CPI may slow to below 10% in November.
  • Local press continues to focus on yesterday's news that the Hungarian banking sector have reportedly given in to pressure to introduce rate caps on both corporate and retail lending on a temporary basis, under pressure from the government and under threat of potential bank levies. As of yesterday, banks are setting a 12% cap on working capital loans for business and an 8.5% cap on home lending. Economy minister Nagy described the move as supportive of the economic recovery.