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

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

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

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Home Sales Resurgence Expected In Spring

CANADA DATA
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  • Canadian Real Estate Association says its home sales price index was flat at 0% MOM in February after -1.3% in Jan, adding that "considering how stable the seasonally adjusted MLS HPI tends to be, shifts this abrupt are exceedingly rare."
  • Sales fell -3.1% MOM in February after +3.7% in Jan, but were up 19.7% Y/Y. The year-ago rate is biased higher by Feb'23 being the lowest for a February for the past two decades, before the Feb'24 figure has increased back to only around 5% below its 10-year average.
  • The MLS HPI sees prices up 0.8% YOY vs 3.5% YOY for average resale prices.
  • Sales-to-new listings ratio 55.6%, close to the long term average of 55% as new listings +1.6%.
  • "With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”
  • The home sales release adds to concerns over a housing market resurgence similar to what happened last spring.
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  • Canadian Real Estate Association says its home sales price index was flat at 0% MOM in February after -1.3% in Jan, adding that "considering how stable the seasonally adjusted MLS HPI tends to be, shifts this abrupt are exceedingly rare."
  • Sales fell -3.1% MOM in February after +3.7% in Jan, but were up 19.7% Y/Y. The year-ago rate is biased higher by Feb'23 being the lowest for a February for the past two decades, before the Feb'24 figure has increased back to only around 5% below its 10-year average.
  • The MLS HPI sees prices up 0.8% YOY vs 3.5% YOY for average resale prices.
  • Sales-to-new listings ratio 55.6%, close to the long term average of 55% as new listings +1.6%.
  • "With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”
  • The home sales release adds to concerns over a housing market resurgence similar to what happened last spring.