MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

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

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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UK activity data due at 7:00GMT (2/2)

UK DATA
  • Quarterly GDP is forecast to show a notably slowdown, projected to come in at 1.5%Q/Q in Q3, dropping from 5.5%Q/Q in the Q2 as supply chain issues in conjunction with accelerating energy prices have weighed on growth.
  • Analysts expect private consumption will contract from 7.2%Q/Q to 3.1%Q/Q reflecting dampening consumer confidence amidst sustained inflation with retail sales slumping 3.9% in the third quarter coupled with a 16% decline in car sales between July and September.
  • After the short sterling strip moved lower yesterday following the Chinese/US inflation prints, there is likely to be a larger market response today to a disappointing release rather than a positive release.
  • Furthermore, its likely that strong output won't be enough for the BoE to vote to raise rates, but really weak output could delay a hike into next year (markets still price a decent chance of a December 15bp hike).
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