MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

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MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Philly Fed Points To Downside Risk For ISM Manufacturing

US DATA
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  • The first two regional Fed manufacturing surveys for May were weaker than expected as they both declined on the month.
  • At a headline level, the Empire survey printed -15.6 (cons -10.0) after -14.3 whilst the Philly survey printed +4.5 (cons +7.8) after +15.5.
  • The ISM-equivalent measures for the two show a little more divergence though.
  • The Empire ISM equivalent increased 0.9pts to 46.9 for its highest since Feb (owing to a sizeable increase in the shipments component), whilst the Philly ISM equivalent fell heavily from 49.8 to 46.4 for its lowest since Feb (large declines in new orders and shipments).
  • We put more weight on the less volatile Philly version though, which opens some downside risk to the ISM survey due Jun 3, whilst waiting for further regional series to be seen.
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  • The first two regional Fed manufacturing surveys for May were weaker than expected as they both declined on the month.
  • At a headline level, the Empire survey printed -15.6 (cons -10.0) after -14.3 whilst the Philly survey printed +4.5 (cons +7.8) after +15.5.
  • The ISM-equivalent measures for the two show a little more divergence though.
  • The Empire ISM equivalent increased 0.9pts to 46.9 for its highest since Feb (owing to a sizeable increase in the shipments component), whilst the Philly ISM equivalent fell heavily from 49.8 to 46.4 for its lowest since Feb (large declines in new orders and shipments).
  • We put more weight on the less volatile Philly version though, which opens some downside risk to the ISM survey due Jun 3, whilst waiting for further regional series to be seen.