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Long Weekend In Japan

CHINA PRESS

China May Increase Fiscal Spending In H2: Newspaper

AUD

Drops From Session Highs

JAPAN DATA

Japan Jun Exports +48.6% Y/Y; 4th Monthly Rise

CHINA RATES

China Repo Rates Diverge on Wednesday

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The Guardian is reporting that UK Cabinet Office minister Lord Frost will meet with European Commission Executive VP Maros Sefcovic this week to discuss the implementation of the Northern Ireland protocol under the Brexit Withdrawal Agreement.

  • In-person talks early last week failed to reach any agreement, with the talks being described by Frost as neither 'a breakthrough nor a breakdown'.
  • A new set of customs checks are due to be implemented from 30 June, with chilled meats being transported from Great Britain to Northern Ireland due to be affected. The UK gov't has indicated it may unilaterally extend the grace period on these products, thereby avoiding checks.
  • However, the EU has threatened retaliation if this is followed through on, given that it breaches the Trade and Cooperation Agreement and would be seen as a threat to the single market given GB exports could make it to the Republic of Ireland with no customs/PSP check.