MNI China Daily Summary: Wednesday, February 5

MNI: UK FINAL JAN SRVCS PMI 50.8 (FLASH: 51.2); DEC 51.1

MNI: EUROZONE JAN FINAL SRVCS PMI 51.3 (FLASH: 51.4); DEC 51.6

MNI BRIEF: China Spring Festival Trips Up 5.9% Y/Y

MNI: PBOC Net Drains CNY716.5 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1693 Weds; -1.18% Y/Y

MNI: EUROZONE DEC PPI +0.4% M/M, +0% Y/Y

MNI: GERMANY FINAL JAN SRVCS PMI 52.5 (FLASH: 52.5); DEC 51.2

MNI: FRANCE FINAL JAN SRVCS PMI 48.2 (FLASH: 48.9); DEC 49.3

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

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

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SOUTH AFRICA: Ramaphosa Talks To Musk Amid Backdoor Attempts To Defuse Tensions

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • President Cyril Ramaphosa spoke with Elon Musi in a call arranged by the billionaire's father, seemingly as part of backdoor diplomacy intended to defuse continued tensions with the US over the Expropriation Act recently signed by Ramaphosa. This comes as the leader is preparing to deliver his State of the Nation Address (SONA) on Thursday, with the number of pressing issues piling in recent weeks.
  • News24 reported that the Government of National Unity (GNU) "has quietly reached an "agreement" on two key aspects relating to the National Health Insurance" (NHI), which has been one of the key sources of frictions within the ruling coalition. If confirmed, this could promote tentative stabilisation of the current grand coalition.
  • EWN reported that the South African Reserve Bank (SARB) came under the scrutiny of parliamentary committees over the alleged exchange-rate "manipulation" by major commercial banks. According to an EWN report, the SARB "said it would respond to the many questions from MPs in writing or at a follow-up meeting."
  • South Africa's S&P Global PMI deteriorated to 47.4 in January from 49.9 prior. S&P highlighted a subdued start to 2025, noting that "firms are facing challenges recouping customers in the new year". On the other hand, "there are some positive takeaways from the latest data, especially on supply and inflation".
  • The National Treasury will sell 2030 floating bonds later today.
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  • President Cyril Ramaphosa spoke with Elon Musi in a call arranged by the billionaire's father, seemingly as part of backdoor diplomacy intended to defuse continued tensions with the US over the Expropriation Act recently signed by Ramaphosa. This comes as the leader is preparing to deliver his State of the Nation Address (SONA) on Thursday, with the number of pressing issues piling in recent weeks.
  • News24 reported that the Government of National Unity (GNU) "has quietly reached an "agreement" on two key aspects relating to the National Health Insurance" (NHI), which has been one of the key sources of frictions within the ruling coalition. If confirmed, this could promote tentative stabilisation of the current grand coalition.
  • EWN reported that the South African Reserve Bank (SARB) came under the scrutiny of parliamentary committees over the alleged exchange-rate "manipulation" by major commercial banks. According to an EWN report, the SARB "said it would respond to the many questions from MPs in writing or at a follow-up meeting."
  • South Africa's S&P Global PMI deteriorated to 47.4 in January from 49.9 prior. S&P highlighted a subdued start to 2025, noting that "firms are facing challenges recouping customers in the new year". On the other hand, "there are some positive takeaways from the latest data, especially on supply and inflation".
  • The National Treasury will sell 2030 floating bonds later today.