MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

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

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Diesel Crunch to Extend Load-Shedding Through the Week

SOUTH AFRICA
  • EWN write that the public enterprises department is working with both the Treasury and Eskom to attempt to urgently find the funds to restock depleted diesel reserves. Last week’s disclosure that Eskom has burned through double the amount of diesel budgeted this year has come under renewed focus given the persistent load-shedding pressure expected into year-end.
  • Stage 4 load-shedding will be up-rated to stage 5 later today, with powercuts fluctuating between stage 2 and 4 throughout the week. The erratic schedule is being pinned on unit breakdowns as well as the back-up fuel shortage at the utility.
  • Late on Friday, S&P affirmed the South African rating at BB-; retaining the positive outlook. The update was largely as expected. The report included the assumption that South Africa will fulfil commitments to investors at Eskom ahead of a potential debt exchange early next year.
  • Fuel price estimates from CEF see petrol prices rising further in December, albeit at a slower rate than suggested earlier this month. Diesel prices, however, are expected to drop next month.
  • No notable data releases due Monday, with focus on the CPI release due Wednesday and the SARB rate decision on Thursday, at which the bank are expected to raise rates by a further 75bps.
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