MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

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MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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

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Local Analysts On Employment Report

CANADA
  • BMO: The headline was clearly weak, but the details weren't nearly as soft. Still, while all the losses were among youth, the higher jobless rate suggests the labour market loosened a touch. We'll still get another jobs report before the July meeting, so the BoC will likely take this mixed report in stride and wait for more data.
  • RBC: It is highly unlikely that the BoC chose to interrupt the pause in interest rates that started in January for just the one additional 25bp hike announced earlier this week. One softer employment report doesn't make a new trend, and labour markets are still exceptionally tight from a historical perspective. It will probably take more downside surprises to upend plans for another rate hike in July.
  • Scotia: While a pop higher would have been nicer, markets got their initial reaction to this report all wrong. The underlying details were much stronger than the headline’s reported decline of 17k jobs during May and a slight rise in the u/e rate (including strong prime age jobs growth and wages of permanent employees up by 4.5% m/m at a seasonally adjusted and annualized rate).
  • TD: The BoC couldn't have seen this coming when hiked 25bps on Wed on the grounds that economic/labour market growth was exhibiting stronger momentum than the Bank was anticipating. While one weak labour market report doesn't make a trend, the BoC will be closely watching to see if other cracks start to form.
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