MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Deutsche: Watch Hotels, Airfares, Used Cars, And Rents

US OUTLOOK/OPINION

Deutsche sees headline and core CPI coming in identically in January's print, at +0.36% unrounded for each. This would represent Y/Y rates of 7.2% and 5.8% respectively and are on the soft side of consensus.

  • They see "roughly flat" gas prices and a "solid print in food", with "the biggest wild cards...lodging away and airfares given the omicron wave".
  • On that note, Deutsche sees seasonal factors adding additional uncertainty, as non-SA prices in those categories tend to increase from Dec to Jan, "so any omicron related shortfall in demand could be magnified relative to August."
  • They are also looking closely at used vehicle (expecting prices to begin to subside with the Jan release) and and rent prices (seeing +0.4% for OER and primary rents, similar to Dec).
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