MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

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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Peso Slips After Philippine Bourse Sees First Equity Outflow In Six Days

PHP

Spot USD/PHP changes hands +0.021 at PHP56.228. Bulls look for gains towards record highs at PHP56.500, while bears would be pleased to see the rate ease off past its 50-DMA (PHP55.474).

  • USD/PHP 1-month NDF last +0.020 at PHP56.350. Topside focus falls on the all-time high of PHP56.740, while bears keep an eye on the 50-DMA which kicks in at PHP55.596.
  • The Philippine peso has been the worst performer in emerging Asia this month, save for the South Korean won.
  • Overseas investors were net sellers of Philippine stocks on Monday for the first time in six days. They shed a net $6.1mn in local equities. The PSEi has extended yesterday's losses today to last trade ~1.3% lower on the day.
  • The Budget Dept said it is planning to borrow PHP2.207tn in 2023, less than this year's PHP2.212tn, as it is forecasting a smaller budget deficit.
  • The Philippines' monthly budget balance is expected to cross the wires in the coming days.
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