MNI BRIEF: China Aug CPI Rises To Half-year High At 0.6% Y/y

MNI: PBOC Net Injects CNY88 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.0989 Mon; +3.38% Y/Y

CHINA AUG FOOD PRICES +2.8% Y/Y VS +0.0% Y/Y JUL

CHINA AUG CPI +0.6% Y/Y VS MEDIAN +0.7%; JUL +0.5% Y/Y: NBS

CHINA PBOC CONDUCTS CNY91.5 BLN VIA 7-DAY REVERSE REPOS MON

MNI JAPAN Q2 GDP REV +0.7% Q/Q; PRELIM +0.8%; MEDIAN +0.8%

EZ/UK Bond Supply Calendar: EU Syndication; BoE APF Due Monday

CANADA AUG IVEY PURCHASING MANAGERS INDEX 48.2 SA

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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MNI Dec Payrolls Preview: Watch Participation And Seasonality (Again)

US DATA

MNI's full December nonfarm payrolls preview is available via PDF. To summarize:

  • Payrolls are expected to have risen by 442k, after just 210k in November, according to the Bloomberg survey median.
  • With the market increasingly moving towards pricing in rate lift-off in March 2022, an upside surprise is unlikely to make a material difference.
  • The biggest chance for a significant market reactionwould likely be on a large downside miss along with insufficient upward revisions to prior months to compensate. This could see some reversal of the recent sell-off although this could be limited with an eye on Wednesday’s CPI release.
  • Seasonal factors will be closely eyed once again, including in education and leisure /hospitality/ construction.
  • Participation rates (and particularly prime age participation) will be another key focus.
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