MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

Blinken-US Uninvolved & Unaware Of Haniyeh Elimination Beforehand

MNI: US MBA: MARKET COMPOSITE -3.9% SA THRU JUL 26 WK

US MBA: REFIS -7% SA; PURCH INDEX -2% SA THRU JULY 26 WK

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

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Debt Ceiling Drama Dominates DM

CROSS ASSET
  • Focus for DM remains on the ongoing debt ceiling saga, with meetings yesterday confirming POTUS Biden and top congressional Republican McCarthy had edged closer to a deal to avoid a US debt default, as the threat of prolonged economic uncertainty prompted Biden to cut short his post-G7 trip this week.
  • EURUSD has extended lower at the beginning of the European session having been trading with a softer tone in recent days following the break of former support at 1.0942, May 2 low. 1.0831, the Apr 10 low, marks the next support level to watch. Regional equity futures are little changed on the day.
  • In EM, ZAR is the standout underperformer again despite tensions with the US appearing to cool. HUF, PLN and CZK trade flat against the EUR with headlines regarding EU funding still key drivers in Hungary and Poland.
  • The final print of Eurozone CPI is the key release this morning, with US Housing Starts seen further out this afternoon. The Banxico and BSP rate decisions are the key risk events in EM tomorrow:
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EM BulletHomepageCommoditiesEquitiesEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsUS

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