PHILIPPINES: Exports Rise Whilst Imports Drop Significantly.
Mar-28 01:44
- Philippines February exports y/y were in line with market expectations, rising +3.9% (+6.3% prior)
- Naturally, agricultural products continue to lead exports, with a notable rise in manufactured goods and electronic products +2.5% y/y
- Imports unexpectedly declined in signs the domestic economy could be stalling.
- Imports contracted -1.8% y/y against an expectation of +9.7%y/y
- Imports had big falls from China, Japan, South Korea and Taiwan whilst increasing from US and Vietnam.
- The trade balance however was better than expected at US$3,155bn versus estimates of -$4.335bn
- The Central Bank (the BSP) meets next on the 10 April.
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CHINA: Central Bank Injects Liquidity via OMO.
Feb-26 01:36
- The PBOC issued CNY548.7bn of 7-day reverse repo at 1.50% in this morning’s operations.
- Today’s maturities CNY538.9bn.
- Net liquidity injection CNY9.8bn.
- The PBOC controls and maintains liquidity in the interbank market via the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average Index is at 1.688% from yesterday’s close of 2.21%.
- China’s O/N Interbank repo rate is up at 1.86%, from yesterday's close of 1.69%.
- China’s 7-day Interbank repo rate is up at 2.33%, from yesterday's close of 2.22%
AUSTRALIA DATA: Housing-Related Inflation Continues To Moderate
Feb-26 01:27
January headline CPI inflation printed slightly lower than expected at 2.5% y/y, in line with December. However, the underlying trimmed mean rose 0.1pp to 2.8%, but still below the top of the RBA’s 2-3% band. The first month of the quarter has limited updates for services inflation. The seasonally adjusted data is consistent with the RBA remaining cautious with it stating that “upside risks remain”.
- The seasonally-adjusted CPI ex volatile items and holiday travel rose 0.3% m/m to be up 2.9% y/y in January. The 3-month annualised rate increased to 3.1% from 1.2%.
- Headline seasonally adjusted rose 0.6% m/m last month, the highest monthly rate since August 2023. It was boosted by higher fruit prices due to disappointing harvests but also due to the Queensland electricity rebate.
- The ABS notes that the decline in electricity prices was smaller in January at -11.5% y/y up from -17.9% y/y in January. Without government rebates, electricity prices would have been down 1.2% y/y after 0.9% in December.
- The easing in housing inflation has been a key reason for the moderation in inflation which allowed the RBA to cut rates last week. Rents rose 5.8% y/y down from 6.2% due to higher vacancy rates. New dwellings rose 2.0% y/y down from 2.3%, the lowest since June 2021. The ABS observes that builders are discounting to attract customers and that supply chain flows have improved.
- Food & non-alcoholic drink prices increased 3.3% y/y up from 2.7%, as fruit prices rose 12.3% y/y.
- Auto fuel prices fell in January to be down 1.9% y/y after -1.4% y/y.
Australia CPI y/y%
Source: MNI - Market News/Refinitiv
MNI: CHINA PBOC CONDUCTS CNY548.7 BLN VIA 7-DAY REVERSE REPO WEDS
Feb-26 01:23
- CHINA PBOC CONDUCTS CNY548.7 BLN VIA 7-DAY REVERSE REPO WEDS
