MNI China Daily Summary: Wednesday, September 4

MNI: UK AUG FINAL SERVICES PMI 53.7 (FLASH: 53.3); JUL 52.5

RPT-MNI POLICY: Fed Prefers Gradual Rates Easing If Jobs Allow

MNI: PBOC Sets Yuan Parity Higher At 7.1148 Weds; +2.17% Y/Y

MNI: PBOC Net Drains CNY276.6 Bln via OMO Wednesday

CHINA PBOC CONDUCTS CNY0.7 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE JUL PPI +0.8% M/M, -2.1% Y/Y

MNI: EUROZONE FINAL AUG SERVICES PMI 52.9 (FLASH: 53.3); JUL 51.9

MNI: GERMANY AUG SERVICES PMI 51.2 (FLASH: 51.4); JUL 52.5

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Formal Job Creation Data, Focus On US Inflation

MEXICO
  • The consensus median is for another strong US Core CPI print of +0.5% M/M (average 0.49%) with headline a touch softer at +0.4% M/M on lower energy prices. That would push annual inflation up to 7% Y/Y for headline (+0.2pps) and 5.4% Y/Y for core (+0.5pps). The Bloomberg Dollar Index is unchanged on the day as we approach the data.
  • Mexican President AMLO said Tuesday he was doing well despite catching Covid-19 for a second time, reiterating to the country that Omicron was a less dangerous variant.
    • "I'm feeling pretty good," Lopez Obrador, 68, said in a video message played during a news conference led by Interior Minister Adan Augusto Lopez in his absence.
  • Yesterday, Mexico reported daily Covid record with 33,626 cases.
  • Mexico Finance Ministry to receive Mbonos due in 146 and 419 days and Udibonos due in 146 and 1,420 days in exchange for longer term debt including Cetes, Bondes F, Mbonos and Udibonos. Swap auction to run from 10:30am to 11:30am Mexico City time.
  • 1800GMT/1300ET - December Formal Job Creation Total, prior 165,500.
    • For reference, President AMLO made the following comment on January 5: Jobs fell from 20.9m in Nov as cos. evaded Dec. bonuses: AMLO (BBG)
  • Billionaire Ricardo Salinas said he’s asked his team to look into acquiring Citigroup Inc.’s Mexican retail business known as Citibanamex, just hours after the U.S. firm announced plans to exit consumer-banking operations in the country. (BBG)
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