MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

Unemployment Falls To 11.3% In Q2, Driven By Services

1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

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

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Narrow Ranges In Futures, Cash Closed Until London, FOMC On Tap

US TSYS

TYM3 deals at 115-18+, +0-00+, with a narrow 0-03+ range observed on volume of ~29k.

  • Cash tsys were closed due to the observance of a national holiday in Japan and will re-open in the London session.
  • The space looked through the New Zealand Q1 employment report, which showed that the labour market remains very tight and isn’t easing, and firmer than forecast Retail Sales from Australia.
  • Ranges in TY remained narrow with little follow through on moves.
  • FOMC dated OIS price a 22bp hike for today's meeting with a terminal rate of 5.05% in May. There are ~60bps of cuts priced for 2023. The MNI preview of the event is here.
  • The FOMC rate decision and Fed Chair Powells press conference provide the highlight today. Before the decision crosses we have ADP Employment, final read of Services PMI and latest ISM Services survey.
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