MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

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

Retail Sales / Services Turnover Publications Postponed Indefinitely

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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NBH Expected to Hold Rates Steady at 13% (1300BST/1400CET)

HUNGARY
  • Focus turns to the NBH rate decision this afternoon (1300BST/1400CET), where the majority of analysts expect rates to be held at 13%. Timing of the post-decision presser has not yet been confirmed, but this usually follows about 1 hour after the decision.
  • Hungary posted its biggest annual current account deficit last year since the transition to a market economy in 1990, despite the Q4 deficit falling slightly to EUR4.34bln from EUR4.47bln in Q3. The current account deficit was EUR13.7bln in 2022, primarily driven by soaring energy costs as a result of Russia’s invasion of Ukraine.
  • Average gross wages in Hungary grew by an annual 16.1% in January (Est: +16.8%), the Central Statistical Office said this morning. Real wages fell by 7.6%, calculated using the January CPI rate of 25.7%.
  • Hungarian lawmakers voted to ratify Finland's NATO accession. MPs approved Finland's bid with 182 votes in favour and 6 against.
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