MNI China Daily Summary: Wednesday, Aug 21

MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

China Repo Rates Rise On Tuesday

MNI: UK JUL PSNCR GBP19.23 BN

UK Public Sector Finance Due at 7:00 BST

August Exports On Solid Footing,  Country Detail Shows Double Digit Y/Y Pace

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

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What to watch

MARKET INSIGHT
  • It's already been a busy morning in terms of European data with French, Swedish and Spanish Q4 GDP all come in above expectations with core fixed income moving off its highs. These have been some notable moves with Bunds moving around 60 ticks from yesterday's intraday high. We note that STIR futures are also moving lower this morning as risk sentiment has a positive spin. We have also seen the US dollar continue to strengthen.
  • Looking ahead we have German GDP and Italian confidence data due for release at 9:00GMT then at 10:00GMT we have European confidence data, Italian PPI and Belgian GDP. These data will help set sentiment for the session, continued positive data will probably help us continue to move lower in core FI.
  • There is also some notable data in the US this afternoon with personal income/spending data and PCE data for December all due for release. There will also be the final print of Michigan confidence data.
  • Against this backdrop, headlines regarding the Ukrainian situation have potential to alter risk appetite and move markets.
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