MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

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

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

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Lira Steadies After Partially Paring CBRT-Inspired Gains

TRY
  • USDTRY trades 2.50% higher at typing, with the ~26.50 region providing moderate intraday resistance. The pair still sits 2.50% lower compared to pre-CBRT levels though is above the 50-day EMA at 25.90.
  • The benchmark equity index stands slightly higher on the day, shy of both yesterday’s highs and record highs printed earlier in the week. Turkish equities pared losses yesterday to close the session lower after the knee-jerk move higher in the wake of the central bank decision. The banking sector sub index was more resilient, potentially buoyed by the prospect of greater foreign inflows, and stands 0.50% higher today and within range of record highs seen earlier this month.
  • Elsewhere, Turkey’s USD bonds are little changed on the day.
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