MNI China Daily Summary: Thursday, May 16

MNI BRIEF: China To Take Necessary Measures Following Tariffs

MNI BRIEF: Aussie Unemployment Rises To 4.1% In April

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1020 Thurs; -3.70% Y/Y

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

EZ/UK Bond Supply Calendar: EFSF Synd; SK Auction, BoE APF Monday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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BofA: Fed To Stay "On The Fence" Between 50/75 Post-NFPs

US OUTLOOK/OPINION

BofA sees a slightly-above-consensus 325k gain in August nonfarm payrolls, with unemployment dipping from 3.6% (BofA points out: 3.458% unrounded) to 3.4% and avg weekly hours down 0.1pp to 34.5 ("With non-auto manufacturing output moderating in recent months, we think a tick lower in hours worked may be at hand.").

  • Avg hourly earnings are set to moderate M/M to 0.4% (vs 0.5% prior).
  • They see this leaving the FOMC "on the fence about a 50bp or 75bp hike at its September meeting, but we think the Fed's preference is to move in smaller increments, if possible", with BofA's core view a 50bp raise (and a terminal rate of 3.50-3.75% by end-year).
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