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

Energy Base Effects Push PPI Higher, But Goods Pipeline Pressures Soften

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

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

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Fitch Upgrades: Positive For BPM But VMUK Has Already Moved

FINANCIALS

Bank rating upgrades - VMUK (VMUK LN) and BPM (BAMI IM) – VMUK moves have already been seen but more credit positive for BPM, we feel:


*Fitch Places VMUK on Rating Watch Positive on Announced Acquisition by Nationwide


*FITCH AFFIRMS BANCO BPM AT 'BBB-'; OUTLOOK STABLE

Fitch Affirms Banco BPM Rating on Strong Franchise, Business Diversification


  • The former is a spread move that we’ve noted already in our recent commentary and makes sense.
  • The latter is a more news-worthy event with its senior non-preferreds now investment grade and likely to make it into relevant indices – therefore credit positive.
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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