MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

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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Colombia Cut to Junk by S&P After Withdrawal of Reform

COLOMBIA
  • Colombia's long-term foreign currency debt rating was downgraded by S&P to BB+, one level below investment grade, from BBB- with a stable outlook, after the government's attempt to curb the deficit was blocked by congress and mass street protests.
  • S&P noted: "The downgrades follow the withdrawal of a fiscal reform introduced to congress in a context of high spending pressures, which has resulted in a significantly lower likelihood of Colombia improving its fiscal position following a recent and marked deterioration," S&P said.
  • For reference, Colombia is still rated at the lowest level of investment grade by Fitch and two levels above junk by Moody's.
  • Reaction:
    • Colombia will accelerate economic growth, establish financial stability and build consensus to finance social programs, Finance Minister Jose Manuel Restrepo said late on Wednesday, following the announcement.
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