MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

Retail Sales / Services Turnover Publications Postponed Indefinitely

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Industrial Production Falls 6.0% m/m (Est: +2.0%)

TURKEY
  • Turkey’s seasonally and calendar adjusted industrial production fell 6.0% m/m (Est: +2.0%) in February versus a revised +2.0% in January, according to data released by the Turkish Statistical Institute this morning. The yearly figure fell 8.2% y/y (Est: +1.5%) versus a revised +4.6% in January.
  • The disappointing data follows yesterday’s 10.0% unemployment rate print and $8.78bln current account shortfall (Est: -$8.45bln).
  • Although the fear of a steep TRY weakening after the elections has pulled demand forward in some sectors, the continued decline in commodity prices, the return of Chinese competition and the continued negative impact of the earthquake made the slowdown in manufacturing industry more evident, Ekonomi report.
  • President Erdogan will announce his party’s election declaration at 1200BST/1400 local time at a speech in Ankara. There are no other major data releases scheduled today.
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