MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

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CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

MNI: US JUN HOUSING STARTS 1.353M; PERMITS 1.446M

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES +20.9B CAD IN MAY

US MBA: REFIS +15% SA; PURCH INDEX -3% SA THRU JULY 12 WK

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Labour market data due at 7:00GMT

UK DATA
  • There increasingly looks like there is too much priced into rate expectations for the UK, and the market will be very vulnerable to either a soft labour market data print this morning or a soft inflation print tomorrow.
  • The focus for markets today will be on the wage data and payrolls data.
  • Payrolls are seen increasing by 133,000 in January, remaining strong following a slowdown from the record high of 184,000 in December.
  • Weekly earnings growth is expected to fall a little to 3.6% ex bonus (from 3.8%) and 3.8% inc bonus (from 4.2%). This is largely a compositional shift in employment rather than an explicit slowing in wage growth.
  • Consensus expects to see the ILO unemployment rate in the three months to December remain stable at November's 4.1%. Pre-pandemic the unemployment rate hovered around the 3.8% mark.
  • Jobless claims dipped by 43,300 in December, a slower reading than the 95,000 decline recorded the month prior.
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