MNI BRIEF: China Must Unblock Domestic Circulation - Wang

MNI China Daily Summary: Monday, July 8

MNI BRIEF: BOJ: Wage Hikes At Smaller Firms Spreading

MNI BRIEF:PBOC Starts Temporary OMO Tools To Adjust Liquidity

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

MNI: PBOC Sets Yuan Parity Lower At 7.1286 Mon; -0.29% Y/Y

Broad-Based Trade Activity Declines Notwithstanding Higher Surplus

MNI BRIEF: Japan June Sentiment Index, Outlook Index Both Rise

MNI: GERMANY MAY EXPORTS -3.6% M/M; IMPORTS -6.6% M/M

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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Retail sales surprise to the upside again

UK DATA
  • Better print than expected for retail sales across the board. That's now 5/6 prints this year surprising to the upside.
  • Non-food stores up 1.0%M/M, boosted by furniture and department stores (summer sales and increased footfall both helping). More than reversing -0.5%M/M fall in May.
  • Food store volumes +0.7%M/M with supermarkets noting good weather and promotions helping turn around -0.5%M/M May print.
  • Non-store volumes rose +0.2%M/M after +2.4%M/M growth in May.
  • The only major category to fall was automotive fuels, down -0.3%M/M.
  • GBPUSD spiked up around 25 pips on the data to hit an intraday high of 1.2904 and we have now retraced around half of this spike at writing.
  • As we noted before, we don't think this data really changes anything materially for the MPC so don't expect a large sustained market move on the back of it. However, the move does show how sensitive the pound is even to data that's not at the forefront of the MPC's minds.
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