MNI China Daily Summary: Friday, February 28

MNI: EU Seeks To Avoid Stigma From Fiscal Opt Outs For Defence

MNI BRIEF: Consumer Inflation Outlook Slows - ECB Survey

MNI BRIEF: Xi Calls For Greater Consumption To Boost Demand

MNI BRIEF: China To Fight Against Extra U.S. Tariffs: MOFCOM

MNI BRIEF:China's Politburo Eyes More Proactive Macro Policies

MNI: GERMANY NRW FEB CPI +0.4% M/M, +1.9% Y/Y

MNI: BADEN WUERT FEB CPI +0.5% M/M, +2.5% Y/Y

MNI: BAVARIA FEB CPI +0.4% M/M, +2.4% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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UK DATA: Details of the UK Q2-24 GDP Revision

UK DATA
  • Services has been revised down to +0.6%Q/Q from +0.8%Q/Q in Q2-24. Biggest revisions were from "Professional Scientific and Technical Activities", "Administrative and Support Service Activities", "Finance and Insurance Activities" and "Human Health and Social Work Activities". This was partly offset by an upward revision to "Information and Communication." 10/14 subsectors grew in Q2-24.
  • Production was also revised down 2 tenths to -0.3%Q/Q from -0.1%Q.Q. This was largely due to a further downward revision to transport equipment manufacturing. The ONS notes that "output has reduced while factories have been repurposing to prepare for increased electric car manufacturing, and also that temporary supply chain issues have restricted commercial vehicle production."
  • Construction has been revised down a tenth to -0.2%Q/Q from -0.1%.
  • On the expenditure side, consumption was unrevised at +0.2%Q/Q, government spending revised down to +1.1%Q/Q from +1.4%Q/Q, gross fixed capital formation revised up to +0.6%Q/Q from +0.4% (with business investment now estimate at +1.4%Q/Q from -0.1%Q/Q). The non-gold trade deficit was revised to 1.4% of GDP from a deficit of 1.9%.
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