MNI China Daily Summary: Thursday, July 25

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

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Itaú Revise Forecasts Following Fiscal Measures Announcement

BRAZIL
  • BRAZIL 2022 GDP GROWTH EST. CUT TO 2.8% FROM 3.0% AT ITAU (BBG)
  • BRAZIL 2023 CPI ESTIMATE RAISED TO 5.8% FROM 5.7% AT ITAU (BBG)
  • Itaú note that the total potential fiscal impact would be around 243 BRL bn, which could take the primary result from a deficit of 2.2% of GDP to a surplus of 0.1% by year-end. Noteworthy, there is a high uncertainty of the effective impact of some measures, especially such as measures that still need to be confirmed.
  • This being the reimplementation of federal taxes on gasoline in March (0.3% of GDP or BRL 29 bn) and a smaller increase in spending compared to the BRL 50 billion approved in the constitutional amendment 32/2022 (0.5% of GDP).
  • Finally, the announcement did not propose the revision of IPI cuts or income tax (IRPF) deductions.
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