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

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

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

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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McConnell Confirms All GOP Will Vote Against USD3.5trn Infra Bill

US

Senate minority leader Mitch McConnell (R-KY) has confirmed that all GOP senators will vote against the proposed USD3.5trn infrastructure bill being put forward by the White House and Senate Democrats.

  • This is not a surprise, given the scale of spending involved. However, it does confirm that every single Democrat senator will need to be in support of the package for it to be able to pass as a budget resolution via the reconciliation process.
  • Yesterday, Senator Joe Manchin (D-WV) - seen as the swing vote for the Democrats - raised issues regarding rising inflation and moves away from coal (crucial to the West Virginian economy) - in a lunch with President Biden. Without Manchin's support the USD3.5trn package will not pass, leaving only the smaller bipartisan deal.
  • Manchin: "I said I'm concerned about inflation and I said I want to see more of the details of what's going on...I'm concerned also about maintaining the energy independence the United States of America has and with that you cannot be moving toward eliminating the fossil [fuel]."
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