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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Italy Only Receiving 50% of Expected Gas from Russia

NATURAL GAS

The Italian government has countermeasures in place to ride out gas supply cuts from Russia in the coming days according to the country’s ecological transition minister.

  • “The gas situation is under control, we are monitoring flows day and night, damages are so far limited” said Roberto Cingolani.
  • Cingolani said that the reasons for the supply cuts could be linked with Russia trying to exert "political pressure or a manifestation of retaliation,"
  • Eni said yesterday they only received 65% of the gas supply volumes it had requested from Russia while today that has fallen to 50%.
  • Russia had said on Wednesday they would only drop flows to Italy by 15%. Gazprom has warned Italy is could suspend all flows because of additional delays in repair work.
  • Earlier in the week, Gazprom announced it was slashing gas flows to Germany via the Nord Stream 1 pipeline—by 40%--after equipment repairs had been delayed due to Russian sanctions.
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