MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Volatility Set To Remain High, Lula Plan In Focus

BRAZIL
  • Markets return from the Republic Day Holiday and heightened BRL volatility is expected to continue as markets watch for news on a constitutional amendment that would allow the government to bypass the spending cap during President-elect Luiz Inacio Lula da Silva’s entire mandate.
    • According to reports, the tone of the news seems to have changed during Tuesday’s holiday; CNN reported that Senate President Rodrigo Pacheco signalled to Lula that he would agree to leave the expenses from the social aid program -- Bolsa Familia -- out of the fiscal rules for four years. (BBG)
  • As a quick reminder, President-elect Lula’s transition team were reported to be weighing a more conservative alternative to finance next year’s social outlays as investors eagerly await spending details, according to two people with knowledge of the matter on Monday. (Bloomberg)
    • USDBRL was hit on the news from roughly 5.33 to a low of 5.2720, but largely pared the declines before Monday’s close.
  • Released earlier this morning - prices measured by IPC-S inflation index rose by 0.70% on a weekly comparison, exactly in line with the median estimate in a Bloomberg survey, after climbing 0.71% in prior reading.
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