MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

Blinken-US Uninvolved & Unaware Of Haniyeh Elimination Beforehand

MNI: US MBA: MARKET COMPOSITE -3.9% SA THRU JUL 26 WK

US MBA: REFIS -7% SA; PURCH INDEX -2% SA THRU JULY 26 WK

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

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Employment Preview: Temporary Omicron Hit Expected

CANADA
  • Canadian employment (0830ET) is expected to have declined -110k in Jan according to the Bloomberg median consensus, or -140k for the median of the big six local banks.
  • Unlike the US where we get one more NFP report before the FOMC on March 16, this is the one and only report between the BOC’s hawkish hold last week and its next meeting on March 2, where 25bp liftoff is fully priced.
  • This Omicron-linked drop follows an upward revised +78.6k in Dec which had been driven by a large rise in full-time jobs.
  • The unemployment rate is expected to have increased 0.3pps to 6.3% along with a 0.2pp dip in the participation rate.
  • Canada saw tighter Omicron restrictions than the US but acute staff shortages just beforehand and the labor force being more used to such shocks should have limited layoffs in this latest wave.
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