MNI China Daily Summary: Tuesday, October 8

MNI BRIEF: Japan's Sept Sentiment, Outlook Indexes Fall

MNI BRIEF: China Local Govs To Speed Up Fiscal Spending

MNI: PBOC Net Drains CNY886.9 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.0709 Tues; +4.18% Y/Y

CHINA PBOC CONDUCTS CNY41.7 BLN VIA 7-DAY REVERSE REPOS TUES

MNI: US REDBOOK: OCT STORE SALES +5.3% V YR AGO MO

MNI: US AUG TRADE GAP -$70.4B VS JUL -$78.9B

US NFIB SEP SMALL BUSINESS INDEX 91.5

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

RBNZ: MNI RBNZ Preview-Oct 2024: Easing Pace May Pickup On Q3 Data

RBNZ
Central Bank NewsRBNZAPACNew ZealandBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • The RBNZ meets on Wednesday October 9 and is widely expected to cut rates 50bp to 4.75% but with inflation and labour market data not due until after the meeting, it is a close call. Four of the 23 analysts on Bloomberg expect a 25bp reduction and the NZIER is split 5 to 4 between 50bp and 25bp.
  • Inflation indicators are pointing to Q3 CPI coming in below the top of the RBNZ’s target band of 1-3%, while activity data confirmed that currently the economy is in the “darkest period”.
  • The timing of the upcoming meetings is also likely to be important. There are 7 weeks between the two meetings and the RBNZ may feel that it cannot wait that long as the economy needs monetary “restraint” reduced at a faster pace than implied in August’s OCR profile. The other consideration is that there are only two meetings before mid-February.
  • See full preview here.
152 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The RBNZ meets on Wednesday October 9 and is widely expected to cut rates 50bp to 4.75% but with inflation and labour market data not due until after the meeting, it is a close call. Four of the 23 analysts on Bloomberg expect a 25bp reduction and the NZIER is split 5 to 4 between 50bp and 25bp.
  • Inflation indicators are pointing to Q3 CPI coming in below the top of the RBNZ’s target band of 1-3%, while activity data confirmed that currently the economy is in the “darkest period”.
  • The timing of the upcoming meetings is also likely to be important. There are 7 weeks between the two meetings and the RBNZ may feel that it cannot wait that long as the economy needs monetary “restraint” reduced at a faster pace than implied in August’s OCR profile. The other consideration is that there are only two meetings before mid-February.
  • See full preview here.