MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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MNI US Payrolls Preview: Softer Jobs Growth Eyed

EXECUTIVE SUMMARY

  • Nonfarm payrolls seen at 325k in May as the pace eases further from 428k in both March and April, down from the 600k in the prior six-month average but still twice the pace of the monthly gain through 2019.
  • Inflation concerns clearly remain key though so it’s not the rate of jobs growth as much as labour market tightness that continues to matter.
  • Consensus has average hourly earnings growth firming to +0.4% M/M some analysts below note downside risk from a calendar quirk.
  • A payrolls miss has potential to drive a sizeable bear flattening if combined with limited rises in labour supply, a lower or stable u/e rate and still strong wage growth.

PLEASE FIND THE FULL NOTE HERE:

USNFPJun2022Preview.pdf

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