MNI China Daily Summary: Friday, February 7

MNI: GERMANY DEC INDUSTRIAL PRODUCTION -2.4% M/M

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MNI JAPAN DEC HOUSEHOLD SPENDING +2.7% Y/Y; NOV -0.4%

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -174 BCF TO 2,397 BCF JAN 31 WK

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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POLAND: NBP Governor Glapinski Sees No Reason To Lower Rates

POLAND
PolandCEEMEAEM BulletBulletEmerging Market News
  • NBP Governor Adam Glapinski said that there are currently no grounds for lowering interest rates but refused to provide any specific forward guidance. Speaking after the MPC meeting which resulted in the 16th consecutive on-hold decision, Glapinski said that regulatory decisions keep inflation elevated, while economic recovery, acute wage pressures, and loose fiscal policy contribute to its persistence. The Governor said that the MPC has a duty to prevent inflation from becoming entrenched at above-target levels. Although he did stick with his overall hawkish stance, in our reading, the press conference was marginally less hawkish than last month. The Governor suggested that lower electricity tariffs, a significant deceleration of wage growth, or an external price shock (for example through a marked decline in commodity prices) could affect the inflation path and bring interest-rate cuts forward. He also explicitly said that the next move in rates will likely be a cut.
  • Business Insider reported that the Central Anticorruption Bureau (CBA) has been conducting an investigation at the NBP for the past year. The CBA confirmed this information but refused to unveil the details of the probe.
  • President Donald Trump has picked Thomas Rose, former editor of The Jerusalem Post, as the next US Ambassador to Poland. Rose was previously an advisor to then-Vice President Mike Pence.
  • Prime Minister Donald Tusk participates in a meeting with the EU College of Commissioners in Gdansk to discuss the priorities of Poland's rotational EU presidency.
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  • NBP Governor Adam Glapinski said that there are currently no grounds for lowering interest rates but refused to provide any specific forward guidance. Speaking after the MPC meeting which resulted in the 16th consecutive on-hold decision, Glapinski said that regulatory decisions keep inflation elevated, while economic recovery, acute wage pressures, and loose fiscal policy contribute to its persistence. The Governor said that the MPC has a duty to prevent inflation from becoming entrenched at above-target levels. Although he did stick with his overall hawkish stance, in our reading, the press conference was marginally less hawkish than last month. The Governor suggested that lower electricity tariffs, a significant deceleration of wage growth, or an external price shock (for example through a marked decline in commodity prices) could affect the inflation path and bring interest-rate cuts forward. He also explicitly said that the next move in rates will likely be a cut.
  • Business Insider reported that the Central Anticorruption Bureau (CBA) has been conducting an investigation at the NBP for the past year. The CBA confirmed this information but refused to unveil the details of the probe.
  • President Donald Trump has picked Thomas Rose, former editor of The Jerusalem Post, as the next US Ambassador to Poland. Rose was previously an advisor to then-Vice President Mike Pence.
  • Prime Minister Donald Tusk participates in a meeting with the EU College of Commissioners in Gdansk to discuss the priorities of Poland's rotational EU presidency.