MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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NZGBs: Cheaper Start

BONDS

NZGB's have opened dealing ~6bps cheaper across the major benchmarks. This occurred after US Tsys reversed post-CPI gains to finish ~9bps cheaper across the curve as rate cut expectations for 2023 were trimmed back.

  • Swaps have opened a touch higher across the curve, the 2s10s spread a touch flatter.
  • RBNZ dated OIS are stable, pricing a terminal rate of ~5.63%.
  • On the wires today we have Q1 Balance of Payments, a deficit of $6.85bn is expected. May Food Prices also cross, there is no estimate for the print.
  • Looking ahead tomorrow we have Q1 GDP, a print of -0.1% Q/Q is expected.
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