MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

Market round-up post PMIs

PMIs indicate solid growth; less cost pressures from wage increases

MNI: UK JUL FLASH MANUFACTURING PMI 51.8 (FCST 51.0); JUN 50.9

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

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Industrials: Week in Review

BASIC INDUSTRIES
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  • A busy week for Industrials with BHP/Anglo American creating some drama, as well as a heavy results calendar.
  • BHP’s approach for Anglo American, since rejected took € spreads ~15 tighter. The gains have held, with Anglo possibly holding out for a better price and/or cash component. See https://marketnews.com/bhp-a1-a-anglo-offer-confirmed and https://marketnews.com/anglo-american-baa2-bbb-rejects-bhp .
  • Results have skewed positively, but not market moving for the most part. BASF, Norsk Hydro, Atlas Copco, SKF, Honeywell, Holcim, Stora, Veralto, Fortive, Amphenol, Westinghouse and UPM all posted EBITDA or EBIT beats. Airbus, Assa Abloy and Metso missed. We note that several issuers have beat on EBIT while missing on revenue; perhaps signs of cost inflation abating. Many have successfully cut costs as well.
  • Primary saw € supply from Glencore and Sydney Airport.

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  • A busy week for Industrials with BHP/Anglo American creating some drama, as well as a heavy results calendar.
  • BHP’s approach for Anglo American, since rejected took € spreads ~15 tighter. The gains have held, with Anglo possibly holding out for a better price and/or cash component. See https://marketnews.com/bhp-a1-a-anglo-offer-confirmed and https://marketnews.com/anglo-american-baa2-bbb-rejects-bhp .
  • Results have skewed positively, but not market moving for the most part. BASF, Norsk Hydro, Atlas Copco, SKF, Honeywell, Holcim, Stora, Veralto, Fortive, Amphenol, Westinghouse and UPM all posted EBITDA or EBIT beats. Airbus, Assa Abloy and Metso missed. We note that several issuers have beat on EBIT while missing on revenue; perhaps signs of cost inflation abating. Many have successfully cut costs as well.
  • Primary saw € supply from Glencore and Sydney Airport.