MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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CIBC Broadly With A Consensus View For Payrolls

US OUTLOOK/OPINION
  • Noting low initial claims through the payroll reference period, CIBC forecast nonfarm payrolls growth of a “healthy” 220k (cons 240k) ahead of Friday’s release.
  • “However, that likely represented a filling of past job openings, rather than new demand for labor”, whilst “cyclical sectors could have also slowed hiring, particularly residential construction, reflecting the impact of past rate hikes on demand.”
  • This solid pace of employment growth would normally imply a drop in the unemployment rate although they look for an unchanged 3.6% as a result of a “further increase in the prime-age participation rate, in line with dwindling excess savings”.
  • Finally, they look for AHE growth of 0.3% M/M and all up would expect such an outturn to keep the Fed on a path to a 25bp hike in May before pausing.
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