NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI: BAKER HUGHES US RIG COUNT 605; OIL RIGS 499; GAS RIGS 102

BoE Data Watch

RBA Data Watch

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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Summary – April 10

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  • March IPCA inflation data will be released in Brazil on Wednesday, with analysts looking for a slowdown in the headline rate to 4.01% y/y, from 4.50%. In Chile, the central bank will publish its latest economist survey, while Mexico ANTAD same-store sales and Colombia consumer confidence will also cross. In the US, CPI inflation data takes focus, with markets expecting the headline rate to edge higher to 3.4% y/y, while ex-food and energy moderates to 3.7%. The Bank of Canada rate decision also crosses, with the policy rate expected to stay at 5.00%. The speaker schedule includes Fed's Bowman, Goolsbee and Barkin.
  • Global News:
    • US (MNI) - Consensus puts core CPI inflation at 0.3% m/m in March with some skew towards a ‘low’ 0.3 reading. Most of the usual drivers are seen exerting downward pressure, most notably used car prices. OER inflation will again be watched as methodological-related noise remains top of mind. With the central leadership of the FOMC seemingly looking through near-term "bumps", a softer-than-expected core CPI reading would likely re-centre implied 2024 cut pricing back toward the March Dot Plot's base case 75bp.
    • CHINA (MNI) - Fitch's sovereign credit rating methodology fails to reflect the impact of recent fiscal policy in promoting growth and stabilising macroeconomic leverage, according to an official from the Ministry of Finance. In a media interview, the MoF representative said it was regrettable that Fitch decided to recently downgrade the outlook for China's sovereign credit rating.
    • CHINA / TAIWAN - Chinese leader Xi Jinping will meet former Taiwan President Ma Ying-jeou in Beijing for a landmark sit-down spotlighting the Communist Party’s willingness to talk to the island’s opposition. The two men will meet Wednesday, the opposition Kuomintang that Ma once led said in a statement.
    • COMMODITIES - Copper rose from its highest close since mid-2022 as industrial metals posted broad gains on gathering optimism over world demand. The macroeconomic backdrop for metals, with global manufacturing starting to improve and the Federal Reserve widely expected to cut rates, is pushing prices higher.
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  • March IPCA inflation data will be released in Brazil on Wednesday, with analysts looking for a slowdown in the headline rate to 4.01% y/y, from 4.50%. In Chile, the central bank will publish its latest economist survey, while Mexico ANTAD same-store sales and Colombia consumer confidence will also cross. In the US, CPI inflation data takes focus, with markets expecting the headline rate to edge higher to 3.4% y/y, while ex-food and energy moderates to 3.7%. The Bank of Canada rate decision also crosses, with the policy rate expected to stay at 5.00%. The speaker schedule includes Fed's Bowman, Goolsbee and Barkin.
  • Global News:
    • US (MNI) - Consensus puts core CPI inflation at 0.3% m/m in March with some skew towards a ‘low’ 0.3 reading. Most of the usual drivers are seen exerting downward pressure, most notably used car prices. OER inflation will again be watched as methodological-related noise remains top of mind. With the central leadership of the FOMC seemingly looking through near-term "bumps", a softer-than-expected core CPI reading would likely re-centre implied 2024 cut pricing back toward the March Dot Plot's base case 75bp.
    • CHINA (MNI) - Fitch's sovereign credit rating methodology fails to reflect the impact of recent fiscal policy in promoting growth and stabilising macroeconomic leverage, according to an official from the Ministry of Finance. In a media interview, the MoF representative said it was regrettable that Fitch decided to recently downgrade the outlook for China's sovereign credit rating.
    • CHINA / TAIWAN - Chinese leader Xi Jinping will meet former Taiwan President Ma Ying-jeou in Beijing for a landmark sit-down spotlighting the Communist Party’s willingness to talk to the island’s opposition. The two men will meet Wednesday, the opposition Kuomintang that Ma once led said in a statement.
    • COMMODITIES - Copper rose from its highest close since mid-2022 as industrial metals posted broad gains on gathering optimism over world demand. The macroeconomic backdrop for metals, with global manufacturing starting to improve and the Federal Reserve widely expected to cut rates, is pushing prices higher.