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

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

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

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: Near Bests, Outperforming US Tsys

BONDS

NZGBs closed at or near session bests with US Tsys firmer (yields 2-3bp lower) in Asia-Pac trade as Chinese data showed producer prices falling at their fastest pace since June 2020. At the close, the 2-year and 10-year NZGB benchmarks were respectively flat and 3bp cheaper. The NZ/US 10-year yield differential narrowed 8bp to 57bp.

  • Swap rates were flat to 1bp cheaper, implying a slightly tighter long-end swap spread.
  • RBNZ dated OIS closed little changed across meetings with 19bp of tightening priced for May. 45bp of easing is priced for Feb-24 off a terminal OCR expectation of 5.46% (July).
  • The local calendar is slated to release March Retail Card Spending data tomorrow with a boost from high inflation and post-cyclone pricing expected. March Manufacturing PMI and February Net Migration data are scheduled for release on Friday. The local market will be keen to see if the recent strong net inflows continue with the border now open.
  • With the global calendar relatively light today, Euro Area Retail Sales and US NFIB Small Business Optimism as the highlights, global investors may stay close to the sidelines ahead of Wednesday’s release of US CPI and FOMC minutes for the March meeting.
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