MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% Y/Y

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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Weak US Data Allow Zloty To Claw Back Losses

PLN

Weak US data have supported the EM FX space, with EUR/PLN reversing its earlier gains to last trade at 4.4639, down 28 pips on the day.

  • POLGBs are firmer across the curve, unwinding losses registered on the back of the 2024 budget draft at the turn of the week, with 10-year yield dipping below the 5.6% mark. Equity benchmark WIG20 Index has added ~0.6% today.
  • The NBP reverted to the original date for its next monetary policy meeting, sowing some confusion. None of the recent changes of schedule were announced, with wires reporting them based on the calendar on the NBP's website. As things stand, the MPC will meet on September 5-6.
  • Flash August CPI and final Q2 GDP will steal the limelight tomorrow, with both due to cross the wires at 09:00BST/10:00CEST. BBG consensus expects inflation to ease to +10.0% Y/Y, while MPC's Henryk Wnorowski today said that it could reach single digits, which is a key condition for lowering interest rates.
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