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CHINA PBOC INJECTS CNY260 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1111 THURS VS 7.1106

MNI BRIEF: IMF China 2024 GDP Growth Revised Up

MNI: PBOC Net Injects CNY248 Bln Via OMO Weds; Rates Unchanged

MNI: AUSTRALIA MAR BUILDING APPROVALS -0.3% M/M, +3.5% Y/Y

MNI: AUSTRALIA MAR DWELLING APPROVALS -0.3% M/M

Offshore Inflows Into Local Equities Continued, But Bond Selling Resumed

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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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Manuf PMI Beats Expectations, Svcs Misses Due To Lockdowns

DATA REACT

December flash US Composite PMI slipped from November's 68-month high, with manufacturing above expected (56.5 vs 55.8 survey) and services below (55.3 vs 55.9 survey) - though both lower than November.

  • COVID lockdowns the culprit for the Services miss - per IHS Markit: "additional restrictions and softer demand impacted consumer-facing business once again."
  • New orders continued to rise, though foreign orders weakened for the first time since July on COVID lockdowns in foreign markets.
  • Firms also saw the biggest supply chain disruptions in the history of the data series (to 2007), with both manufacturers and service providers seeing rising input costs.
  • However, "Although manufacturers raised their selling prices at the fastest rate since April 2011, seeking to pass higher costs on to customers where possible, service providers recorded a softer pace of charge inflation amid continual efforts to drive sales."
  • The outlook for output over the next year remained high but slipped slightly from November on "the pandemic and surging costs', with business expectations at a 3-month low.
  • Dec also saw slower employment growth on weaker backlogs.
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