CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

CANADA JUN IVEY PURCHASING MANAGERS INDEX 62.5 SA

MNI: BLS: NET PAYROLLS REVISIONS FOR MAY, APRIL -111K

US JUN AVERAGE HOURLY EARNINGS +0.3% Vs MAY +0.4%; +3.9% YOY

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Government Insists on Fines for Violations of FX-Selling Requirements

RUSSIA
  • The Russian government is insisting on introducing fines on major exporters for violations of requirements to sell forex earnings, Vedomosti report. The government withdrew support for the initial bill to amend the Code of Offences after lawmakers eased punishment for offenders amid lobbying by businesses. A second draft bill now proposes fines equivalent to as much as 100% of the amount of unsold forex revenue.
  • Prices for the main types of fuel on the St. Petersburg International Mercantile Exchange continue to climb amid growing demand ahead of the spring and disruptions in some operations at major oil refineries, Kommersant report. The newspaper write that prices for gasoline and summer diesel rose to their highest so far this year on Tuesday, while market participants are expecting further price increases in the coming months.
  • Bloomberg report that refiners in China are taking greater volumes Russian Sokol that’s largely being shunned by their counterparts in India amid sanctions concerns. So far this month, the mostly private processors took an average of 168,000 barrels a day of Sokol, three times more than January’s pace and well ahead of the 53,000 barrels in 2023, according to data tracked by intelligence firm Kpler and cited by Bloomberg.
  • Data-wise, PPI figures for January will cross this afternoon (Prior: +19.2% y/y).
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