MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Retail sales above consensus but concerning details

UK DATA
  • Mixed report at first glance - non-food stores volumes fell 0.6% in April, with "other non-food stores" down -3.3%M/M. Non-store retailing rose 3.7% M/M helped by clothing sales.
  • Supermarket sales of tobacco and alcohol were up 2.8%, but food sales flat. The ONS notes: “April’s rise was driven by an increase in supermarket sales, led by alcohol and tobacco and sweet treats, with off-licences also reporting a boost, possibly due to people staying in more to save money."
  • So we were above consensus, and there were upward revisions to March, but we are still down -6.1%Y/Y. And there are some concerns over discretionary spending and people going out less.
  • Looking at 3m/3m we continue the downward trend and are down 0.3%.
  • GBPUSD around 15 pips higher than pre-release.
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