MNI China Daily Summary: Friday, December 20

MNI: PBOC Net Drains CNY103.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1901 Fri; -2.13% Y/Y

MNI BRIEF: China's LPR Holds Steady In Dec

MNI: BANXICO CUTS RATES BY 25BPS TO 10.0% AS EXPECTED

MNI BRIEF: Fed To Expand SRF Around Year-End Market Pressures

MNI: FRANCE NOV PPI +3.2% M/M, -5.2% Y/Y

MNI: GERMANY NOV PRODUCER PRICES +0.1% Y/Y

MNI: SWEDEN NOV RETAIL SALES +1.6% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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UK DATA: Clothing sales weigh on UK retail sector; little impact for monpol

UK DATA
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  • The ONS press release points to uncertainty ahead of the Budget impacting sales, particularly for non-food stores (the risks of which we flagged in our preview).
  • The biggest fall was within clothing stores which fell 3.1%M/M (although this is after some strong performance over the past few months).
  • As we often note, this is a volatile series so in spite of the disappointing print today and the downward revision to prior data, we don't think there are any notable implications for monetary policy here, or anything here to make any MPC member change their vote or question their thought process.
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  • The ONS press release points to uncertainty ahead of the Budget impacting sales, particularly for non-food stores (the risks of which we flagged in our preview).
  • The biggest fall was within clothing stores which fell 3.1%M/M (although this is after some strong performance over the past few months).
  • As we often note, this is a volatile series so in spite of the disappointing print today and the downward revision to prior data, we don't think there are any notable implications for monetary policy here, or anything here to make any MPC member change their vote or question their thought process.