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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Trade Balance; Pemex Output and Export Data Scheduled

MEXICO
  • Markets continue to digest last week’s unanimous decision by Banxico to hike rates by 50bps. Late Friday, Governor Victoria Rodriguez Ceja reiterated the decision was aimed specifically at anchoring inflation expectations, which have been hit harder than expected by supply chain problems
    • The decision was the board’s first unanimous vote since the central bank began its current tightening cycle in June. Thus, the board intended to send a message that they were moving fast to get expectations under control, Rodriguez said in an interview with El Financiero.
  • USDMXN continued its downward trajectory late last week and despite breaching the 20.00 mark for the first time since September 2021, is currently consolidating just above the psychological level.
  • Finance Minister Rogelio Ramirez de la O told President AMLO of the central bank’s rate decision after their meeting on Wednesday, the president said in a press conference Friday.
    • AMLO said Banxico understood the rate decision reveal was his mistake.
    • AMLO reiterated he respected the central bank’s autonomy and that he doesn’t get involved in Banxico’s matters.
  • Analysts expect Mexico to post a $219m trade deficit for February, down from a $6.3b deficit recorded the previous month.
  • Pemex to release data on February exports and production.
  • Cemex announces tender offer for 2030, 2029, 2031 notes (BBG)
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