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MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

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Futures Stronger Overnight, US Tsys Finish Slightly Richer, Light Local Calendar

JGBS

In post-Tokyo trade, JGB futures are stronger, closing +7 compared to settlement levels, after a subdued start to the week for US tsys. US tsys finished 1-2bps richer, ahead of a heavy week of Treasury supply with $183b of debt due to be auctioned.

  • The Fed remains in blackout ahead of its May 1st decision.
  • Risk appetite was higher as Middle East tensions settled. US equities bounced ahead of this week's heavy slate of earnings announcements, including four of the Magnificent 7.
  • (MNI) Former Dallas Fed President Robert Kaplan told MNI the central bank needs to refrain from cutting interest rates perhaps all the way through this year depending on incoming data, blaming the lack of relief on loose fiscal policy he says is propping up services inflation. (See link)
  • (MNI) The Bank of Japan board will likely hold steady when it delivers its next policy decision, but note increased risk of stronger inflation rates driven by a more robust wage-price virtuous cycle due to better-than-expected wage hikes at major firms. (See link)
  • Today, the local calendar sees Jibun Bank flash PMIs and 2-year supply.
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