MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Eskom To Run Stage 6 Load-Shedding Until Further Notice

SOUTH AFRICA
  • Eskom late on Wednesday said that it will stick with Stage 6 load-shedding, the deepest power cuts since February 26, until further notice following a breakdown of a generation unit at Medupi Power Station. Unprecedented electricity rationing keeps South Africa's economy under pressure, alongside sticky inflation and SARB interest-rate hikes. The latest reading of BankservAfrica Economic Transactons Index (BEI), a bellwether of economic activity, suggests that the combination of these factors may have pushed the economy into a technical recession, albeit Bloomberg consensus still looks for a mild expansion in Q1.
  • Nedbank CEO said that the bank sees another 25bp worth of rate-hikes from the SARB this year. This comes after central bank chief Lesetja Kganyago told Bloomberg that "nothing stops [the SARB] from aiming at the lower side of [its inflation] target" of +3.0%-6.0% Y/Y.
  • South Africa's mining production data will hit the wires at 10:30BST/11:30SAST. Elsewhere, President Cyril Ramaphosa and other officials speak at the annual South Africa Investment Conference in Johannesburg.
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