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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Tsys Off Week Lows Ahead Jackson Hole Eco-Summit

US TSYS
  • US Rates are trading weaker after the bell, trading sideways near lows since midday. Early session saw fast two-way trade as Treasury futures extended lows after briefly bouncing post data: weekly claims lower than expected at 230k vs. 240k, Durable Goods Orders -5.2% vs. -4.0% est (4.6% prior), ex-transportation gains 0.5% vs 0.2% est.
  • After establishing lows (TYU3 109-17), dovish comments from Philly Fed Harker this morning ahead if Fri's Jackson Hole eco-summit spurred a round of short covering across the board,
  • Rates and equities reacted positively (if delayed) to Philly Fed Harker telling MNI he is inclined to support holding interest rates at their current level at least through the end of the year and possibly longer.
  • Rates came back under pressure while stocks continue to trade weaker after Boston Fed Collins urged keeping rates higher for longer. "I don't think it's helpful to say a preset path, we may need additional increments, and we may be very near a place where we can hold for a substantial amount of time," Collins said.
  • While there may be additional sideline comments from central bank officials this evening (eco-summit agenda to be released at 2000ET tonight), main focus is on Chairman Powell's speech at 1005ET.
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