MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

MNI: GERMANY Q3 FINAL GDP 0.1% Q/Q (VS FCST 0.2%)

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Rengo Wage Results Due This Afternoon, FinMin Expects Strong Wages To Spread To Smaller Firms

JAPAN DATA

Focus today will rest on the Rengo wage announcement. Our onshore Japan analyst stated the results should out at around 2pm Japan time (0500GMT). Bloomberg notes that Rengo will hold a media briefing at 4:15pm local time today, see this link for more details.

  • The union group stated last week it was demanding a 5.85% increase, on average, for this year. A number of companies announced on Wednesday they had agreed to full union demands.
  • Japan Bank Nomura stated yesterday that a wage increase of around 5.1% is likely to be announced by Rengo (see this BBG link). This would still represent a step up from last year's year (initially at 3.8%, before being revised down slightly).
  • FinMin Sukuzi's comments have also crossed the wires. He notes that wage hikes this year are outpacing those of last year and that strong wage moves should spread to smaller firms (BBG).
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