MNI China Daily Summary: Wednesday, September 4

MNI: UK AUG FINAL SERVICES PMI 53.7 (FLASH: 53.3); JUL 52.5

RPT-MNI POLICY: Fed Prefers Gradual Rates Easing If Jobs Allow

MNI: PBOC Sets Yuan Parity Higher At 7.1148 Weds; +2.17% Y/Y

MNI: PBOC Net Drains CNY276.6 Bln via OMO Wednesday

CHINA PBOC CONDUCTS CNY0.7 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: US JUL TRADE GAP -$78.8B VS JUN -$73.0B

MNI: CANADIAN JUL TRADE BALANCE CAD +0.7 BILLION

US MBA: REFIS -0.3% SA; PURCH INDEX +3% SA THRU AUG 30 WK

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Core Inflation Beats Estimates, AMLO Confirms Healthy Heart

MEXICO
  • Headline inflation broadly in line with expectations, however, core measure rises to 0.34% versus 0.28% estimate and 0.20% in the prior reading. Pressure for Banxico maintains with the first meeting of the year scheduled for February 10, with Victoria Rodriquez at the helm.
    • Economic activity is scheduled for tomorrow, November retail sales data is due Wednesday, before Trade balance figures on Thursday.
  • Continued downward trajectory for global equity indices continuing to provide a small headwind for MXN. Combined with strong support around 20.25/28, USDMXN has been edging higher throughout Monday’s session. Currently up just shy of 0.5%, focus on the upside remains on resistance at 20.7603, Jan 6 high where a break would signal a base.
  • President AMLO underwent a cardiac catheterization on Friday and it was confirmed his heart was found to be healthy and functioning properly, according to a government statement.
    • The tests are regularly scheduled following a previous heart attack in 2013.
  • Biden Administration is concerned with “the potential negative impact of Mexico’s proposed energy reforms on U.S. private investment in Mexico,” U.S. Energy Secretary Jennifer Granholm said in a statement on Friday.
  • Developments surrounding these reforms continue to be of crucial importance going forward with JPMorgan citing risks to economic growth and potential for a credit rating downgrade in the medium term from political developments including the likely passage of the controversial energy bill.
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