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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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JPM: Vehicles and Rents To Help Softest Core CPI Since Mid-2023

US OUTLOOK/OPINION
  • JPMorgan estimate core CPI at 0.22% M/M (cons 0.3), its softest M/M increase since mid-2023.
  • Used vehicles CPI seen -1.9% M/M judging by industry data, whilst “separate industry figures also continue to suggest moderation in the rent measures in the CPI, and we look for tenants’ rent to be up 0.32% in January and owners’ equivalent to increase 0.31%.”
  • Other downside from “another decline in public transportation prices (-0.7%) as well as a continued downward trend for communication prices (-0.1%).”
  • Upside: lodging seen up 0.8% M/M and they also see a continued upward trend for medical care prices at 0.5% M/M.
  • Headline CPI seen at 0.1% M/M owing to a drag from energy prices (-1.8%) whilst food prices (0.2% M/M) “continue climbing near their recent average growth rate”.
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