MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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View Change: BNP expects 75bp in November but still looks for terminal 3.50%

BOE
  • “November’s meeting is another close call. We think the newsflow on the fiscal side will provide ample cover for the MPC to deliver 75bp and at the margin would see it as marginally more likely than 50bp. Data in the interim, especially inflation expectations and wage growth, could tip the balance one way or another.”
  • “The hawkish tilt to dissent at the September meeting, coupled with the reference to assessing the full fiscal plans at the next Monetary Policy Report, keeps a 75bp hike on the table in November.”
  • “It was specifically noted that Dinghra had “considered” a 50bp move, which… suggests her vote for a 25bp move was a marginal one. Hence, we would not rule out her voting for a larger increase at a subsequent meeting.”
  • “Our current expectation is a terminal rate of 3.5%, some 125bp of further tightening, though we keep this under review until full details of the government’s fiscal package have been announced.”
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