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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Inflation due at 7:00BST

UK DATA

There will be focus on UK inflation data due at 7:00BST.

  • Consensus is looking for an increase in the Y/Y print from 2.0% to 2.9%.
  • A large part of the increase is due to base effects with last year's "Eat Out to Help Out" and reduced VAT depressing August 2020's CPI print. Indeed, if the M/M CPI print was flat, the Y/Y CPI print would increase to 2.5%.
  • Consensus isn't looking for a flat M/M print, however, it looks for a 0.5% print.
  • Given market pricing for next year, it does seem that a higher than expected print would have a larger market reaction than a lower print.
  • However, this is with the caveat that over a third of economists in the Bloomberg survey expect a beat. So we would probably need to see a print of 3.1% to have a large market impact.
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