MNI China Daily Summary: Thursday, August 1

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VDMA Factory Orders Remain Weak in June

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Morning Summary: The Surge In Inflation Will Only Be Temporary (NBP Governor)

POLAND
  • Covid cases continue to trend lower with the 7D SMA of daily new cases down from 26,800 to 19,400 in the past week.
  • NBP governor Adam Glapinski held a press conference on Friday, repeating a series of statement that were very in line with expectations:
    • Expects inflation to rise above the 3.5% upper tolerance in the coming months;
    • The rise in inflation will be temporary and inflationary pressures should ease in the second half of this year;
    • The elevated restrictions imposed by the government to fight the pandemic in Q1 could on growth expectations;
    • NBP is not targeting any Zloty rate as Glapinski confirmed that zloty rate is in the central bank's 'comfort zone'. NBP stands ready to intervene in FX market if needed;
    • Gold reserves are still 'too low' and NBP targets to increase the share of gold reserves (%total reserves assets) to 10% at first, with a LT target at 20%.
  • Polish Supreme Court decided to delay the FX-loan case to May 11 due to Covid19 restrictions, that was supposed to take place this week.
  • Next important economic data to watch are February Current Account Balance on April 13 and the March CPI Final print (Prelim came in at 3.2%).
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