MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

MNI: GERMANY JUL UE RATE (SA) 6.0% (FCST 5.9%); JUN 6.0%

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

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Lagging Broader USD Weakness, China Tensions Eyed, BSP On Thursday

PHP

PHP is underperforming the softer USD trend evident elsewhere in the region. Spot USD/PHP is basically unchanged for the session, last near 54.76. Recent dips sub 54.40 have been supported, while resistance was evident last week on the move above 55.00.

  • Tensions with China are evident, with the authorities filing a protest with China over alleged behaviour in the South China Sea. This comes after the Philippines expanded US access to Philippines military bases, while over the weekend closer defense ties were agreed with Japan.
  • This will be a watchpoint for markets but not a key driver of PHP trends over a multi week period. Philippine equities are slightly lower today, down 0.33%, continuing to trend down from the 7000 level (last 6816).
  • Thursday delivers the key domestic event risk for the week, with the BSP decision. A 50bps hike is the consensus at this stage, which would take the policy rate to 6.00%. It's likely to be a close call between this and a 25bps move though.
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