MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Today's Retail Sales and IPPI A Prelude To Tuesday’s CPI

CANADA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets Bank of Canada Market News

Retail sales for Apr/May advance and input cost inflation for May are both released at 0830ET.

  • Bloomberg consensus sees nominal retail sale growth of 0.7% M/M in April, in line with last month’s advance estimate, following -0.2% M/M in March.
  • For once there is seen to be more limited impact from auto sales, with retail ex auto seen rising 0.6% M/M.
  • However, with gasoline prices surging in April, ex gas & auto sales should be weaker (RBC eye core sales holding steady) along possibly with tepid overall volumes.
  • Looking to the May advance, CIBC write it “could point to a broadly flat sales in both nominal and volume terms.”
  • IPPI inflation meanwhile is seen at 0.4% M/M in May after a particularly strong 1.5% in April.
  • The ex-petroleum series will be watched more closely after three consecutive strong increases including 0.9% M/M in March before 1.4% in April.
  • Tuesday’s CPI should still clearly hold more sway on markets though. The minutes from the BoC’s decision to cut rates on Jun 5 for the first time this cycle showed a consideration of waiting until July to cut but ultimately four months of core CPI easing warranted the move.
194 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Retail sales for Apr/May advance and input cost inflation for May are both released at 0830ET.

  • Bloomberg consensus sees nominal retail sale growth of 0.7% M/M in April, in line with last month’s advance estimate, following -0.2% M/M in March.
  • For once there is seen to be more limited impact from auto sales, with retail ex auto seen rising 0.6% M/M.
  • However, with gasoline prices surging in April, ex gas & auto sales should be weaker (RBC eye core sales holding steady) along possibly with tepid overall volumes.
  • Looking to the May advance, CIBC write it “could point to a broadly flat sales in both nominal and volume terms.”
  • IPPI inflation meanwhile is seen at 0.4% M/M in May after a particularly strong 1.5% in April.
  • The ex-petroleum series will be watched more closely after three consecutive strong increases including 0.9% M/M in March before 1.4% in April.
  • Tuesday’s CPI should still clearly hold more sway on markets though. The minutes from the BoC’s decision to cut rates on Jun 5 for the first time this cycle showed a consideration of waiting until July to cut but ultimately four months of core CPI easing warranted the move.