MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

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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The door is still very much open to either 50bp or 75bp in November

BOE
  • The members who voted for 50bp left options open for November. They were clear to make reference to a full forecast round in November taking into account the new fiscal announcements - we can't rule out these members deciding to vote for a larger 75bp hike in November.
  • The three members voting for 75bp are very focused on medium-term inflation expectations. They will probably vote again for 75bp in November unless we see notable improvement.
  • So the door is still very much open to either 50bp or 75bp at the November meeting.
  • Tenreyro is no longer the most dovish member, she voted for 50bp and had widely been expected to vote for 25bp. Dhingra voted for 25bp in her first meeting.-
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