In today’s briefing:
- China Watch – Reopening; Here’s How to Play It
- CX Daily: China’s Railway Investment Falls for a Third Straight Year
- EA: Germany Pays for Dec-22 Disinflation
China Watch – Reopening; Here’s How to Play It
- China is de facto reopening by now as we rightfully forecasted a few months back.
- But is a reopening equal to good news straight away? Not necessarily.
- Here is our macro playbook for the grand Chinese reopening.
CX Daily: China’s Railway Investment Falls for a Third Straight Year
Railway / China’s railway investment falls for a third straight year
Covid-19 / China to end quarantine for travelers from Hong Kong to the mainland
Academic fraud / China punishes dozens for academic fraud at medical universities
EA: Germany Pays for Dec-22 Disinflation
- Flash EA inflation in Dec-22 confirmed last month’s break of the upwards trend with another substantial surprise. Germany paying its citizens’ utility bills drove the drop.
- Energy and food prices were weaker than expected more broadly too. However, core pressures often surprised already-raised forecasts to the upside.
- Further slowing in headline inflation is likely, despite a Jan-23 normalisation in German utility bills. The ECB will maintain its hawkish focus on excessive underlying pressures.
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