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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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ECB VIEW: Barclays No Longer Expect July Cut

ECB VIEW
BulletFixed Income BulletsForeign Exchange Bullets

Barclays no longer expect the ECB to cut rates at its July meeting, but continue to see three cuts in 2024.

  • “Faced with elevated uncertainty and activity accelerating faster than anticipated, we now think the GC will move more gradually this year”.
  • They continue to expect cuts at the June, September and December meetings, but note that non-forecast meetings remain live given the ECB’s data dependency.
  • “We continue to expect a cutting cycle of 150bp overall, with the deposit rate finishing at 2.5%, as our views about the neutral rate level have not changed”.
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Barclays no longer expect the ECB to cut rates at its July meeting, but continue to see three cuts in 2024.

  • “Faced with elevated uncertainty and activity accelerating faster than anticipated, we now think the GC will move more gradually this year”.
  • They continue to expect cuts at the June, September and December meetings, but note that non-forecast meetings remain live given the ECB’s data dependency.
  • “We continue to expect a cutting cycle of 150bp overall, with the deposit rate finishing at 2.5%, as our views about the neutral rate level have not changed”.