MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

MNI:US JUN DURABLE NEW ORDERS -6.6%; EX-TRANSPORTATION +0.5%

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

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Mid-Term Elections Dent Governing Coalition

ARGENTINA
  • The current ruling coalition suffered a blow at this weekend's mid-term elections, with the left-wing bloc now likely to lose their majority in the Senate having dropped 15 of the 24 districts up for election.
  • The results significantly complicate the ability for the Peronist left-wing coalition to advance legislation across the Senate (this marks the first time since the early 80's that a Peronist bloc is in the minority across the chamber).
  • Sell-side analysts see the results as potentially prompting a more market-friendly policy agenda, with the opposition now more able to hold the government to account. Nonetheless, there remains the risk of near-term populist legislation in an attempt to stem the tide of dissatisfaction toward President Fernandez and VP Kirchner.
  • Markets have welcomed the results, with markets watching for the re-opening of Argentine equities - recall that in September equities rallied sharply following the poor showing at that month's primaries.
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