MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Services Drive Downside Surprise in CPI-ATE

MNI: NORWAY JUN CORE CPI +0.2% M/M, +3.4% Y/Y

MNI: NORWAY JUN CPI +0.2% M/M, +2.6% Y/Y

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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Mixed Day As Early Gains Reversed

EQUITIES

A mixed day for Asia-Pac equities; Japan, Taiwan and Hong Kong have seen gains, while mainland China, South Korea and Australia see markets under pressure. Positivity surrounding global vaccination programmes initially supported equity markets, but the bid dissipated with the arrival of China. The PBOC drained a net CNY 40bn via OMOs, after a net drain of CNY 270bn last week, while repo rates were broadly unmoved markets interpreted this as an indication of tighter policy settings in China which sparked some equity outflows.

  • Losses in South Korea were tempered by reports that Hyundai Mipo Dockyard won a KRW 101.1bn order to build two LPG carriers, while gains across the commodity complex also helped limit losses in Australia. Copper hit the highest in more than nine years while WTI eyed the $60/bbl.
  • Futures in the US and Europe are lower.
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