MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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JPM Below Consensus For Core CPI

US OUTLOOK/OPINION

JPMorgan see core CPI inflation of 0.38% M/M, which should push the year-ago rate down two tenths to 6.4% Y/Y.

  • They think rental inflation will moderate eventually but not this month, forecasting tenants’ rent and OER sequential inflation only fractionally softer than the fresh cycle highs of September.
  • Instead, relative weakness comes from many of the other main components. Used cars (-2.2%), new cars (-0.1%), airfares expected to have declined in October to weigh on public transportation (-2.2%), apparel (-0.2%) and communications keep trending lower (-0.1%).
  • They also expect a noticeable downshift in medical care inflation in the CPI, with the BLS set to incorporate an annual update to source data used to estimate health insurance prices, weighing on overall medical care prices rising just 0.1% in October.
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