MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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1 and 3-Year Consumer Inflation Expectations Remain Unchanged

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

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VIEW CHANGE: Barclays no longer expect June cut

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  • "The upside surprise relative to our forecast came entirely from services inflation... Across services categories, the miss relative to our forecast was broad-based and difficult to attribute to any one-off indexation effect, although there is some suggestion looking at the wage sensitivity of sectors that part of the strength may relate to greater National Living Wage pass-through than we had expected."
  • "Given the extent and broad nature of the miss, we think it is now unlikely that a majority of the MPC will have sufficient confidence in the disinflationary process to cut Bank Rate in June. For now, we leave the pace of our expected cuts thereafter unchanged but under review (three 25bp moves in 2024), with the data on UK activity later this week (PMIs and retail sales) important inputs into our considerations."
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  • "The upside surprise relative to our forecast came entirely from services inflation... Across services categories, the miss relative to our forecast was broad-based and difficult to attribute to any one-off indexation effect, although there is some suggestion looking at the wage sensitivity of sectors that part of the strength may relate to greater National Living Wage pass-through than we had expected."
  • "Given the extent and broad nature of the miss, we think it is now unlikely that a majority of the MPC will have sufficient confidence in the disinflationary process to cut Bank Rate in June. For now, we leave the pace of our expected cuts thereafter unchanged but under review (three 25bp moves in 2024), with the data on UK activity later this week (PMIs and retail sales) important inputs into our considerations."