RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1342 WEDS VS 7.1310

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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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What to watch

MARKET INSIGHT
  • Yesterday's PMI data moved markets, particularly Bunds, with yields driving higher despite some stabilisation in gilts and to a larger extent Treasuries in the European afternoon. And also despite some more less than encouraging Covid-19 cases across the region. Bund futures have hit a bottom overnight but still remain someway off their November lows of 167.69 (the bear trigger).
  • With this in mind there will be much focus on the German IFO survey this morning (and to a lesser extent French confidence data).
  • However, the real focus will be on US events later with the second print of Q3 GDP, preliminary durable goods orders for October, personal income/spending, PCE, weekly claims and the FOMC Minutes all due ahead of the Thanksgiving holiday tomorrow. The Minutes are likely be analysed for any discussion of what the triggers are to adjust the pace of tapering, but with a number of FOMC members having spoken since the meeting may not be as closely watched as usual.
  • Elsewhere today we also have the BOE's Tenreyro speaking at the Oxford Economics Society. It will be interesting to see whether she remains at the more dovish end of the monpol spectrum today or if she cites more persistent inflationary risks.
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