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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.
CHINA DATA
China June inflation data is on tap today. The market consensus for CPI sits at 0.2%y/y, prior was also 0.2% (forecast range is -0.3% to +0.4%). Note that the majority of forecasters sit in the 0.0-0.3% range. For the PPI, the median estimate is -5.0% y/y, prior was -4.6% (forecast range is -4.4% to -5.3%).
- The official PMI prints showed a rebound in input price measures for June. The manufacturing PMI measure rising to 45.0 from 40.8, the non-manufacturing measure to 49 from 47.4, see the chart below. Still, both measures aren't too far away from recent cyclical lows.
- Inflation outcomes will be in focus given calls for further policy stimulus to aid the economic recovery in H2.
- Also note June credit figures should print this week (release wind today until the 15th of July0. The market expected aggregate finance to rebound to 3100bn yuan from 1555.6bn prior. New loans are forecast at 2318.5bn yuan (prior was 1362.8bn).
Figure 1: China Official PMI Input Prices Measures Recovered Some Ground In June
Source: MNI - Market News/Bloomberg
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.
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