MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

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

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

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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September and October CPI Prints Key For Policy Outlook

POLAND
  • Poland insisted it won't stop extracting coal at the Turow lignite mine near the Czech border even after hearing it faces a daily 500,000 euro ($586,000) fine for ignoring a European Union court order to shut down operations (BBG).
  • Last week, NBP member Jerzy Kropiwnicki mentioned that a rate hike in coming months cannot be ruled out and that the central bank decision will depend on the November projection. The first hike is likely to be 'small' and the NBP would not have to stop QE first to embark in a tightening cycle.
  • At this stage, there are three policymakers (Hardt, Gatnar and Zubelewicz) voting for an 'imminent' rate hike as they mentioned several times that inflation is now demand-driven in Poland and a gradual tightening could ease the inflationary pressures.
  • Yesterday, PPI inflation rose more than expected to 9.5% YoY in August (vs. 9.3% expp.), up from revised 8.4% the previous month.
  • This morning (9am London time), retail sales is expect to increase to 10.5% YoY in August (up from 8.9% the previous month).
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