MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

MNI: GERMANY JUL CPI +2.2% Y/Y

German CPI / HICP due for release at 13:00BST / 14:00CET

IFO Consumer-Related Price Expectations Fall Slightly

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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MNI POLITICAL RISK - First Vote In FY25 Approps Process Today

Daily roundup of news from the US.

Political RiskPolitical Market News

Executive Summary:

  • The House of Representatives will vote today on the first Fiscal Year 2025 spending bill. The MilCon-VA bill, usually the most bipartisan of the annual appropriations bills, appears set to renew and retrench disputes over the legitimacy of the topline spending numbers outlined by the Fiscal Responsibility Act of 2023.
  • President Biden signed an executive order to enact the strictest border action of his administration. The EO could limit Biden’s vulnerability on immigration at the first presidential debate with former President Trump on June 27.
  • The relationship between Biden and Israeli Prime Minister Benjamin Netanyahu hit a new low after Biden said in a Time magazine interview that there is “every reason” for people to believe that Netanyahu is prolonging the Gaza war to preserve his political standing.
  • The House approved a bill to sanction the ICC if it were to pursue arrest warrants against Israeli government officials.
  • Treasury Secretary Janet Yellen touted strong economic data in testimony to the Senate Appropriations Committee.
  • President Biden arrived in France where he will attend commemorations to mark the 80th anniversary of the D-Day landings, embark on a State Visit to France, and deliver a speech at Pointe du Hoc, Normandy on the defence of democracy against the rise of autocrats.
  • The US and E3 are expected to censure Iran for failing to cooperate with the UN’s nuclear watchdog, a move which could add to regional tensions.
  • Poll of the Day: Just one-third of young Americans would back Biden if the election was held today.

Please find the full article attached below:

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Executive Summary:

  • The House of Representatives will vote today on the first Fiscal Year 2025 spending bill. The MilCon-VA bill, usually the most bipartisan of the annual appropriations bills, appears set to renew and retrench disputes over the legitimacy of the topline spending numbers outlined by the Fiscal Responsibility Act of 2023.
  • President Biden signed an executive order to enact the strictest border action of his administration. The EO could limit Biden’s vulnerability on immigration at the first presidential debate with former President Trump on June 27.
  • The relationship between Biden and Israeli Prime Minister Benjamin Netanyahu hit a new low after Biden said in a Time magazine interview that there is “every reason” for people to believe that Netanyahu is prolonging the Gaza war to preserve his political standing.
  • The House approved a bill to sanction the ICC if it were to pursue arrest warrants against Israeli government officials.
  • Treasury Secretary Janet Yellen touted strong economic data in testimony to the Senate Appropriations Committee.
  • President Biden arrived in France where he will attend commemorations to mark the 80th anniversary of the D-Day landings, embark on a State Visit to France, and deliver a speech at Pointe du Hoc, Normandy on the defence of democracy against the rise of autocrats.
  • The US and E3 are expected to censure Iran for failing to cooperate with the UN’s nuclear watchdog, a move which could add to regional tensions.
  • Poll of the Day: Just one-third of young Americans would back Biden if the election was held today.

Please find the full article attached below:

Keep reading...Show less