MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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1 Month USD/KRW Edges Lower On Better Tech Equity Sentiment

KRW

1 month USD/KRW pulled back from session highs late in Monday NY trade. From around 1319 we closed near 1314.75, little change from end levels last week. Note onshore spot ended yesterday at 1316.45.

  • For 1 month USD/KRW, recent highs rest near 1325, while lows from last week came in near 1302.6.
  • Better equity tech trends helped won sentiment through the US session on Monday. The SOX surged 3.4% to fresh YTD highs, while the MSCI IT gained 0.44%.
  • US real yields were steady on Monday, but the nominal 10yr finished off intra-day highs, as US data showed inflation expectations slowed to 3.36% for the year ahead (from 3.57%). This likely aided sentiment in the tech equity space.
  • For South Korea, the local data calendar is empty today but contains trade prices early tomorrow.
  • Late yesterday it was announced that 2024 bond issuance would be marginally front loaded, with 55-60% to take place in H1 (see this BBG link).
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