MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

IFO disappoints

MNI: GERMANY JUL IFO BUSINESS CLIMATE INDEX 87

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

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Israel-Hamas Conflict Escalates, JPY Volatility In Focus

EMERGING MARKETS
  • ISRAEL: The Israel-Hamas conflict escalated further overnight - with confirmation that the Israeli military had put a "relatively large" contingent of troops and tanks into northern Gaza in order to attack several Hamas militant targets in the area. While the incursion at present looks short of a full ground operation in the territory, it has caught markets by surprise given US pressure on the Israeli government to delay and full invasion.
  • JPY: Volatility across JPY markets took the early focus in FX, as the post-5y auction weakness in Treasury futures persisted into Thursday morning. The resulting widening of the US/JN yield differential worked further in favour of USD/JPY, pushing the rate to a new recovery high of 150.78. Shortly following the print, a sharp spike in volumes saw the rate correct lower, prompting a ~75 pip slide to new lows before stabilising.
  • CHINA: MNI (Beijing) - Fiscal stimulus announced this week will keep China’s economy growing at over 5% next year, and the People’s Bank of China will boost liquidity and cut reserve requirements to facilitate an additional CYN1 trillion in issuance of treasury bonds, policy advisors and economists told MNI, adding that central government borrowing is likely to remain relatively high in 2024.
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