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MNI China Daily Summary: Thursday, Nov 23

MNI BRIEF: German Banks Stable, But Rate Risks Remain - Buba

RPT-MNI INTERVIEW:Increased UK Linker Sales Not Inflation Play

Services prices and labour market tightness to concern the MPC

PMI: "Renewed signs of sticky inflation"

MNI: UK NOV FLASH SERVICES PMI 50.5 (FCST 49.5); OCT 49.5

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Most CNB Members Backed FX Intervention Following Michl Nomination

CZECHIA
  • CNB published the minutes of its extraordinary monetary meeting on May 12; it shows that most policymakers supported the FX intervention as a weakening CZK could increase the inflationary pressure.
  • As a reminder, inflation reached a new high of 14.2% in April (vs. 13.3%), up from 12.7% the previous month and continues to diverge significantly from the 3% upper tolerance band.
  • This week, CNB Vice Governor Nidetzký mentioned in an interview that the CNB could be near its peak in interest rates, but he cannot predict what will happen in the end of June meeting due to the high uncertainties in markets.
  • Nidetzký added that high interest rates should start to affect inflation in 2023 and he expects inflation to move towards the CNB 2-percent target by the end of 2023.
  • Czech Republic is in talks with Poland, Germany and the Netherlands about renting LNG terminal capacity, DenikN reports citing Josef Sikela, the minister for industry and trade (BBG).
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