MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

Energy Base Effects Push PPI Higher, But Goods Pipeline Pressures Soften

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

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

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Sanchez Announces Plans to Dissolve Parliament, Call Snap Elections

SPAIN
  • Bloomberg report that Spanish PM Sanchez is to dissolve parliament and declare snap elections for July 23rd. The call for fresh elections follows heavy losses in both regional and local elections this weekend, at which both the People's Party as well as the far-right Vox party won control of eight of the twelve regions that held votes.
  • Sanchez stated in a televised address "I take personal responsbility for the results". The sharp losses for Sanchez's socialist party puts the conservative People's Party in a strong position to regain power this year, in elections that were initially expected to be held in December.
  • The results helped prompt some modest outperformance in Spanish assets from the off Monday, but the strong showing faded from the open - putting the IBEX-35 higher by 0.2%, broadly inline with wider European indices.
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