MNI China Daily Summary: Friday, August 2

MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

CHINA PBOC CONDUCTS CNY1.17 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1376 FRI VS 7.1323

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI: ITALY JUN INDUSTRIAL PRODUCTION +0.5% M/M ; -2.6% WDA Y/Y

Detailed Swiss July Data Suggests Lower Services Price Pressure

Industrial Production Rebounds Less Than Expected in June

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Summary – August 02

LATAM
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Brazil industrial production is expected to rebound in June, while Mexico gross fixed investment and unemployment data will also be released on Friday. Elsewhere, BanRep will publish its Q3 monetary policy report. In the G10, currency markets are on watch for today's NFP print (currently expected at +175k, with a whisper number of +170k), with renewed concerns on the pace of the deterioration in the US labour market. The unemployment rate is of interest, and any further tick higher in the rate this month will put it at a new post-pandemic high.
  • Global news:
    • US (MNI) – Nonfarm payrolls are expected to moderate further in July after the slight beat in June was more than offset by large negative revisions to the prior two months. Hurricane Beryl is likely to have the largest impact on the establishment survey, clouding the underlying trends with expected negative impacts on payrolls and hours worked but some upside for AHE growth. A 20-30k miss on payrolls could easily be faded whilst a beat would be an outright positive surprise. Revisions will be particularly important.
    • JAPAN – The Topix index posted its biggest two-day decline since the 2011 tsunami on Friday, a stark turnaround from the record high set in July. The Topix sank 6.1% Friday, completing a two-day drop of 9.2% in the wake of the BoJ’s earlier-than-expected rate hike Wednesday and Governor Kazuo Ueda’s hawkish messaging. The Topix joined the Nikkei 225 Stock Average in entering a technical correction.
    • US/ISRAEL (MNI) – President Biden called on Israeli PM Benjamin Netanyahu to accept the current ceasefire-for-hostages deal on the table to end the war in Gaza. Biden also said that the killing of Hamas' political leader Ismail Haniyeh in the Iranian capital, Tehran, had “not helped" the situation. The entire region remains in a state of heightened alert, with the likelihood of an Iranian-orchestrated retaliation likely in the coming days.
312 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Brazil industrial production is expected to rebound in June, while Mexico gross fixed investment and unemployment data will also be released on Friday. Elsewhere, BanRep will publish its Q3 monetary policy report. In the G10, currency markets are on watch for today's NFP print (currently expected at +175k, with a whisper number of +170k), with renewed concerns on the pace of the deterioration in the US labour market. The unemployment rate is of interest, and any further tick higher in the rate this month will put it at a new post-pandemic high.
  • Global news:
    • US (MNI) – Nonfarm payrolls are expected to moderate further in July after the slight beat in June was more than offset by large negative revisions to the prior two months. Hurricane Beryl is likely to have the largest impact on the establishment survey, clouding the underlying trends with expected negative impacts on payrolls and hours worked but some upside for AHE growth. A 20-30k miss on payrolls could easily be faded whilst a beat would be an outright positive surprise. Revisions will be particularly important.
    • JAPAN – The Topix index posted its biggest two-day decline since the 2011 tsunami on Friday, a stark turnaround from the record high set in July. The Topix sank 6.1% Friday, completing a two-day drop of 9.2% in the wake of the BoJ’s earlier-than-expected rate hike Wednesday and Governor Kazuo Ueda’s hawkish messaging. The Topix joined the Nikkei 225 Stock Average in entering a technical correction.
    • US/ISRAEL (MNI) – President Biden called on Israeli PM Benjamin Netanyahu to accept the current ceasefire-for-hostages deal on the table to end the war in Gaza. Biden also said that the killing of Hamas' political leader Ismail Haniyeh in the Iranian capital, Tehran, had “not helped" the situation. The entire region remains in a state of heightened alert, with the likelihood of an Iranian-orchestrated retaliation likely in the coming days.