MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

MNI: GERMANY JUL UE RATE (SA) 6.0% (FCST 5.9%); JUN 6.0%

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

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ANC Rule Change Could Complicate Ramaphosa Bid for Re-Election

SOUTH AFRICA
  • The ANC have formally passed rules that bar officials facing criminal charges from running for office, according to Business Day. The ruling could have many implications for the leadership contest later this year, and means former Secretary General Ace Magashule would be able to contest any position and could complicate Ramaphosa’s run for re-election if he is charged with any wrongdoing surrounding the Limpopo farm robbery in 2020. Ramaphosa is still to appear in front of the integrity commission to defend his position.
  • Strike action against the State tax agency has begun, with as many as 22 offices closed across the country. The unions behind the action cited the success of the recent Eskom wildcat strikes while rejecting the proposed 1.39% pay rise.
  • Bloomberg cite numbers from the BankservAfrica Economic Transactions Index as showing economic growth could surprise to the upside in Q2, with interbank payments – often strongly correlated with economic growth – higher by 3.9% across the period.
  • The NUMSA union have held talks with the Automobile Manufacturers Employers Organisation to negotiate a new pay deal, with workers demanding a 20% raise, with strike action a ‘last resort’ if no meaningful offers are made.
  • Mining output data takes focus going forward, with production seen rising 2.0% on the month and falling 10.9% on a year-over-year basis.
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