MNI: PBOC Sets Yuan Parity Lower At 7.1228 Thurs; +2.24% Y/Y

MNI: PBOC Net Drains CNY218.4 Bln via OMO Thursday

CHINA PBOC CONDUCTS CNY359.3 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1228 THURS VS 7.1307

MNI BRIEF: BOK Holds Rate, Downgrades GDP, CPI View

MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: UK AUG FLASH MANUF PMI 52.5 (FCST 52.2); JUL 52.1

MNI: EUROZONE AUG FLASH MANUF PMI 45.6 (FCST 45.8); JUL 45.8

MNI: GERMANY AUG FLASH MANUF PMI 42.1 (FCST 43.3); JUL 43.2

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

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Risk-Off Pervades Through the London Close

CROSS ASSET
  • Through the London close and the USD adds to recent gains - JPY, GBP and NOK now the weakest in G10:
  • Initial USD strength came as a result of solid Manufacturing ISM reading (Prices paid declined, but still came in ahead of forecast, with new orders another strongpoint) but latest wave of risk-off contributing also - hawkish comments from Daly ("Sees a couple more 50bps rate hikes"), caution from JPM's Dimon: "you'd better brace yourself" and credit event triggered on Russian debt also working in favour of haven currencies here.
  • Equities returning lower, with the e-mini S&P making light work of the week's lows at 4,103.00, but markets need to clear the psychological 4,000 level before meeting more meaningful support at 3960.50/3807.50 Low May 26 / Low May 20 and bear trigger.
  • Financials and real estate leading the market lower, but all sectors are in the red barring energy names - which continue to see support from rallying crude curve
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