MNI China Daily Summary: Thursday, August 1

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

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

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

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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Election Talk Doing Rounds, S. Africa Offers Linkers

SOUTH AFRICA
  • Minister in the Presidency Khumbudzo Ntshavheni said that law enforcement agencies must "do their work to apprehend those who intimidate South Africans," when asked about comments from representatives of the new MK Party, who threatened to stop the elections if ex-President Jacob Zuma is not on the ballot.
  • Ntshavheni said that Pretoria's chief concern is to ensure that Palestinian lives are spared rather than to sever ties with Israel. Although the National Assembly adopted a resolution calling on the government to shut down the Israeli embassy in South Africa, no such action has been taken yet - although Israel recalled its ambassador.
  • Separately, former President Thabo Mbeki declared his support for the African National Congress (ANC) and pledged to campaign for the party, despite earlier being critical of the course the party has taken under current President Cyril Ramaphosa.
  • Spot USD/ZAR reversed weekly losses after the release of expectation-beating US PPI data, with weekly jobless claims undershooting forecasts. Hotter-than-expected data out of the US and its implications for Fed rate trajectory applied pressure to EM FX, with the rand ending up at the bottom of the pile.
  • South Africa holds an auction for inflation-linked debt today.
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