MNI: PBOC Net Drains CNY349.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1124 Fri; +2.56% Y/Y

CHINA PBOC CONDUCTS CNY30.1 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1124 FRI VS 7.1299

MNI BRIEF: Inflation's Down, Not There Yet - Fed's Barkin

MNI BRIEF: Jobless Claims Stays Low, 2Q GDP Revised Higher

Australia Jun Retail Sales +0.5% M/M

Japan Jul Retail Sales +2.6% Y/Y

Japan Jul Ind. Output +2.8% M/M; First Fall In 2 Mths

UK: Week Ahead

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3 parts of the MPS to read

BOE
  • On earnings: "Annual private sector regular Average Weekly Earnings (AWE) growth declined to 7.3% in the three months to October, 0.5 percentage points below the November Report projection. That has brought AWE somewhat more into line with other indicators of pay growth, which have fallen below 7%. There remain upside risks to the outlook for wage growth"
  • On inflation: "Services price inflation declined to 6.6%, although much of the downside news relative to the November Report reflected movements in components that may not provide a good signal of underlying trends in services prices and of persistence in headline inflation."The statement then notes the temporary increase expected in January.
  • Overall: "Since the MPC’s previous decision, CPI inflation has fallen back broadly as expected, while there has been some downside news in private sector regular AWE growth. However, key indicators of UK inflation persistence remain elevated. As anticipated, tighter monetary policy is leading to a looser labour market and is weighing on activity in the real economy more generally."
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