MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

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

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

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Strong Week For HUF

HUNGARY
  • Covid daily new cases continue to decrease with the 7D SMA falling below 900 (lowest level since early October), down from 9,300 (March 26 high) and from 1,150 the previous week. The number of people who received at least one dose of the Covid vaccines surpassed 4.7mil this week (47% of the population).
  • Hungarian Cabinet Minister Gergely Gulyas holds a briefing at 9.30 am (London time) following a government meeting where officials discussed the pace of further easing of virus curbs (BBG).
  • On Monday, we saw that NBH deputy governor Barnabas Virag mentioned in a briefing that inflation risks have risen and that the central bank should prepare for rate hike to curb inflationary pressures; June CPI will be 'key' in policy turn. This generated a sharp rally on the HUF against all major crosses.
  • Today, the NBH is expected to keep its 1W deposit rate at 0.75% at its weekly meeting (next policy meeting is on May 25).
  • The NBH is also expected to publish its real estate report at 1pm.
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