MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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Modest Hawkish Adj. In Fed Pricing On Data, Still A Little Over 65bp Of '24 Cuts Priced

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Some modest hawkish adjustments seen in the wake of the firmer-than-expected retail sales and import price data.

  • Fed Funds futures show ~27bp of cuts through the September FOMC and ~66bp of easing through the Dec FOMC (vs. 28 & 68bp ahead of the data).
  • Ultimately, inflation and labour market data trends underpin the idea of fairly imminent easing from the Fed, with a little over 2.5x 25bp cuts priced through year end vs. ~40bp of cuts a little over a month ago and cycle extremes of ~28bp seen in early May.
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Some modest hawkish adjustments seen in the wake of the firmer-than-expected retail sales and import price data.

  • Fed Funds futures show ~27bp of cuts through the September FOMC and ~66bp of easing through the Dec FOMC (vs. 28 & 68bp ahead of the data).
  • Ultimately, inflation and labour market data trends underpin the idea of fairly imminent easing from the Fed, with a little over 2.5x 25bp cuts priced through year end vs. ~40bp of cuts a little over a month ago and cycle extremes of ~28bp seen in early May.