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

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

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

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 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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COPOM Minutes Show Bank Approve of Signalling Smaller Hikes going forward

BRAZIL
  • COPOM minutes from last week’s rate-setting meeting show the board saw signalling of probable smaller hikes as adequate going forward, while noting more deterioration in their CPI projections. Reflecting their policy statement, COPOM stated that additional caution is required and that futures steps can still be adjusted.
  • Folha reports that the Brazilian government are looking into changing the structure of the privatisation of Eletrobras in order to use the funds to rein in energy prices headed into the upcoming election. The proposals would see the Brazilian Treasury receive proceeds from the sale in instalments, although the proposals would result in changes to public accounts and could delay the process itself.
  • O Estado de S. Paulo writes this morning that the government are to mull diesel and electricity price subsidies following Petrobras’ decision to raise diesel prices by 8.9% yesterday. Such a proposal could see internal resistance, however, with the plans requiring a change to the spending cap, which the Economy Ministry is opposed to.
  • In other efforts to rein in prices, Reuters reported late yesterday that the government could remove import tariffs on a number of key items including steel, food and construction products, to limit future price rises.
  • Elsewhere, Reuters reports that Petrobras received a request from US officials to boost oil output in March, however the firm said it could not move on production.
  • Retail sales data takes focus going forward, with March retail sales seen rising 0.5% on the month and 2.4% on the year.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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