MNI China Daily Summary: Wednesday, April 24

MNI BRIEF: China Steel Demand Q2 Limited Rebound

MNI: Japan Nippon Life To Up Yen Bonds, Hedged Foreign Assets

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

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

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

MNI: US MBA: MARKET COMPOSITE -2.7% SA THRU APR 19 WK

US MBA: REFIS -6% SA; PURCH INDEX -1% SA THRU APRIL 19 WK

CBI Price Expectations Highest Since February 2023

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 – March 14

LATAM
BulletEM BulletEmerging Market NewsHomepage
  • The LatAm data calendar remains light today, with just Brazil retail sales data for January to be released. In the US, the weekly jobless claims release, retail sales and PPI figures will take market focus, with a litany of ECB speakers also on the docket. Markets will be looking to gauge the current pricing for a first ECB rate at the June meeting, with April still seen as a likely hold.
  • Global News:
    • EU – The ECB must lower borrowing costs twice before its August summer break and two more times before the end of the year, without being swayed by the US Fed, according to Governing Council member Yannis Stournaras. “We need to start cutting rates soon so that our monetary policy does not become too restrictive,” Stournaras, who also heads Greece’s central bank, said.
    • JAPAN – Former BoJ Executive Director Hideo Hayakawa says it would be more natural for the bank to scrap its negative interest rate policy in April after tweaking forward guidance this month. As of the latest meeting, forward guidance is still tilted toward monetary easing, Hayakawa said in an online seminar in Tokyo. The BOJ is intentionally staying behind the curve on policy.
    • OIL – Global oil markets face a supply deficit throughout 2024, instead of the surplus previously expected, as OPEC+ looks set to continue output cuts in the second half of the year, according to the IEA. Saudi Arabia and its partners agreed earlier this month to prolong roughly 2mn barrels day of production curbs to the middle of the year. The IEA assumes the measures will in fact continue until the end of 2024, reflecting the “bloc’s efforts to balance oil markets,” it said in a report.
    • CHINA (MNI Beijing) – China’s economy risks missing Beijing’s “around 5%” GDP growth target this year should local governments fail to increase land revenue and meet their increased combined fiscal outlay, an economic policy advisor has told MNI. “The central government will need to raise additional debt to fund fiscal plans should land revenue fall short of expectations,” said Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.
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  • The LatAm data calendar remains light today, with just Brazil retail sales data for January to be released. In the US, the weekly jobless claims release, retail sales and PPI figures will take market focus, with a litany of ECB speakers also on the docket. Markets will be looking to gauge the current pricing for a first ECB rate at the June meeting, with April still seen as a likely hold.
  • Global News:
    • EU – The ECB must lower borrowing costs twice before its August summer break and two more times before the end of the year, without being swayed by the US Fed, according to Governing Council member Yannis Stournaras. “We need to start cutting rates soon so that our monetary policy does not become too restrictive,” Stournaras, who also heads Greece’s central bank, said.
    • JAPAN – Former BoJ Executive Director Hideo Hayakawa says it would be more natural for the bank to scrap its negative interest rate policy in April after tweaking forward guidance this month. As of the latest meeting, forward guidance is still tilted toward monetary easing, Hayakawa said in an online seminar in Tokyo. The BOJ is intentionally staying behind the curve on policy.
    • OIL – Global oil markets face a supply deficit throughout 2024, instead of the surplus previously expected, as OPEC+ looks set to continue output cuts in the second half of the year, according to the IEA. Saudi Arabia and its partners agreed earlier this month to prolong roughly 2mn barrels day of production curbs to the middle of the year. The IEA assumes the measures will in fact continue until the end of 2024, reflecting the “bloc’s efforts to balance oil markets,” it said in a report.
    • CHINA (MNI Beijing) – China’s economy risks missing Beijing’s “around 5%” GDP growth target this year should local governments fail to increase land revenue and meet their increased combined fiscal outlay, an economic policy advisor has told MNI. “The central government will need to raise additional debt to fund fiscal plans should land revenue fall short of expectations,” said Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.