MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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GS now expect BOE on hold in December

BOE
  • Goldman Sachs has updated its BOE call: "We had thought a 15bp hike in December was more likely than not, but this was a close call. We now think risk management considerations will dominate in next week’s MPC deliberations. As such, we expect the MPC members to vote to keep Bank Rate at 0.1% at the December meeting, but this remains a close call. We expect the MPC to signal that this is only a short delay to gather more information on Omicron, and indicate that a hike remains appropriate in coming months."
  • Now look for 15bp in February and continue to look for 25bp in May with further hikes every six months (Q4-22 and Q2-23).
  • GS "maintain our baseline view that the UK economy will hold up relatively well during the fourth wave, given high vaccine take-up and a successful booster programme... We are likely to gather more information on the impact of Omicron over the next week, especially with the potential releases of Pfizer and Moderna’s in-vitro studies. Given this, and the limited guidance from MPC members on the likely impact of Omicron, it is difficult to have strong conviction for the outcome of the upcoming MPC meeting."
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