MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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Looking For Fresh Catalysts

MARKET TALK

We are off to a quiet start to the session, as markets consolidate in the wake of yesterday's risk-on move. U.S. stocks snapped their three-day decline on Wednesday and equity index futures suggest that the risk-on impetus may spill over into Japanese, Australian and HK equity markets.

  • UK-EU wrangling over Brexit matters and bubbling Sino-U.S. tensions continue to provide interest. The UK may face legal challenge from Brussels over is plans to ditch parts of the withdrawal agreement, while RTRS reported that the U.S. revoked visas of 1,000 Chinese nationals over their alleged military links.
  • T-Notes have traded virtually flat, hugging a 0-01 range thus far. E-minis are also range-bound, posting marginal upticks in early Asia-Pac trade.
  • G10 FX space sees little movement in the Asia morning, as major crosses look for fresh catalysts.
  • Regional data docket lacks tier-one releases. It features Japanese core machine orders and Philippine trade balance, with BNM set to deliver their latest monetary policy decision.
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