MNI China Daily Summary: Tuesday, Aug 20

RIKSBANK CUTS POLICY RATE BY 25BP TO 3.5%

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

MNI: EUROZONE JUN CONSTRUCTION OUTPUT +1.7% M/M, +1% Y/Y

Final Data Broadly Confirms Flash HICP Details

MNI: EUROZONE JUL FINAL HICP +0% M/M, +2.6% Y/Y

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

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Little Reaction To China Nov Activity Prints, Softer US Tsy Futures Aiding The Dollar

CROSS ASSET

Market reaction to the China Nov activity prints has not been large at this stage. IP printed firmer than expected, but retail was softer, while fixed asset and property investment were close to expectations.

  • USD/CNH holds near 7.1300 in recent dealings, just off session highs (7.1321). The pair has tracked modestly higher in the first part of trade. 1 month USD/KRW is also firmer, last near 1294 (+0.50%).
  • Both pairs may be taking some sympathy from higher USD/JPY levels, last around 142.30/35 (+0.30%). US Tsy futures sit down modestly, so that may be driving some squaring in USD short.
  • AUD is steady near 0.6700, like wise for NZD around 0.6210, both marginally higher for the session.
  • Equity sentiment is mostly positive in the region, HK markets leading the charge, +2.5%, but China mainland markets are lagging, CSI 300 +0.30.
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