MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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1Q adv GDP +2.3% vs +2.0% expected, but.....>

US DATA
US DATA: 1Q adv GDP +2.3% vs +2.0% expected, but down from +2.9% 
in 4Q, as GDP price index +2.0% vs +2.4% expected and +2.3% in 4Q.
- The core PCE price index was +2.5% in 1Q (fastest since 2Q 2011) after 
+1.9% in 4Q, for year/year rate of +1.7% 1Q vs +1.5% 4Q.
- The slowdown in growth was due to lower contributions from PCE 
(+0.73pp vs +2.75pp), nonres fixed invest (+0.76pp vs +0.84pp), 
government spending (+0.20pp vs +0.51pp) and residential fixed invest 
(0.00pp vs +0.46pp). These were offset by turnarounds in inventories 
(+0.43pp vs -0.53pp) and net exports (+0.20pp vs -1.16pp)
- When inventories were removed, real final sales of domestic 
product +1.9% vs +3.4% in 4Q. Final sales to domestic purchasers +1.6% 
vs +4.5% in 4Q, suggesting the slowdown in 1Q growth was more severe 
than the headline number shows.
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