MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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

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Def Sec Austin And Joint Chiefs Chair Milley To Testify On Biden Budget

US

09:30 ET/14:30 BST: US Defense Secretary Lloyd Austin and Joint Chiefs of Staff Chair General Mark Milley to testify before the House Armed Services Committee on President Biden’s 2023 budget request.

  • The hearing can be followed on C-SPAN 3.
  • One of the ongoing themes of FY23 will be negotiations on appropriate spending for the Pentagon. The USD$813.3 billion defense budget is one of the largest ever defence proposals but the Biden administration is already facing calls for greater funding due to the challenging geopolitical environment.
  • In particular, the Biden Administration's 'pivot to Asia' will require substantial investment to maintain military parity with China in the Asia Pacific region as newly announced long-term measures to maintain a greater US presence in Europe stretch the Pentagon.
  • Centrist Democrats will likely echo Republican calls for greater defence spending ahead of the midterms.
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