MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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Have the goalposts moved again? (2/2)

BOE
  • Today's operation was set with an upper size limit of GBP5bln again and there has been no official guidance released from the Bank regarding the offers that will/won't be accepted.
  • Note also that today's linker operation will be set with a limit of GBP5bln again too. The Bank announced this morning that it will "not allocate offers for index-linked gilts at real yields below the mid-levels observed, as quoted by Tradeweb, at close of business on 10 October 2022." However, real yields are currently trading below these levels, so linker offers may not see a substantial increase - but if there is demand from pension funds to delver there will likely still be some usage at least.
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