MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

HUNGARY: ING, JP Morgan Expect Pause in August Following July CPI

HUNGARY
  • ING note that the structure of inflation remains worrying, driven by high monthly repricing for both the headline and core baskets. In their view, the upside surprise to the central bank’s forecast is likely to prompt the Monetary Council to keep rates on hold in August.
  • Looking ahead, the next two months may see some easing in the year-on-year inflation rate, ING say, mainly due to last year’s high base. Looking at current underlying inflation trends, they see a return to a rate of 5.0-5.5% y/y by December.
  • Noting that the NBH has signalled the scope for additional easing in 2H24 is limited, with space for perhaps a couple more 25bp cuts, JP Morgan have taken this to mean a more spaced out easing approach with cuts delivered at quarterly meetings backed by new inflation reports (Sep and Dec this year). In their view, the space created by the shift in market expectations for major CB rates is offset by the inflation picture.
  • JPM add that the path of EUR/HUF has not benefitted much from lower expected Fed rates and remains too close to 400 for the NBH to relax, at least not with this level of inflation. They continue to expect a pause later this month, followed by cuts in Sep/Dec.
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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.