MNI BRIEF: China's Soft Land Sales Reducing Fiscal Income

(RPT) MNI: RBA Labour Market Rethink Seen Making Cuts More Distant

MNI: China CFETS Yuan Index Down 0.50% In Week of Aug 23

MNI: PBOC Sets Yuan Parity Lower At 7.1139 Mon; +1.97% Y/Y

CHINA PBOC CONDUCTS CNY471 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Net Injects CNY418.9 Bln via OMO Monday

NBH Data Watch

MNI: US JUL NEW HOME SALES +10.6% TO 0.739M SAAR

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

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

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What to watch

MARKET INSIGHT
  • Ahead of this week's ECB and BOE meetings, the focus this morning will be on inflation. We are due to receive German state CPI data throughout the session with the German national print due at 13:00GMT. Before then we will receive Spanish HICP at 8:00GMT.
  • We are also due a number of first release Q4 GDP prints this morning, most notably Italy and the pan-Eurozone prints, both at 10:00GMT. This follows up better than expected French and Spanish prints on Friday and a weaker than expected German print.
  • There has been a tightening of BTP-Bund spreads of about 10bp in 10-year space this morning, with Sergio Mattarella being reelected as Italian President, which means its likely Draghi remains as PM - a situation which is seen as leading to greater stability going forward.
  • The weekend also saw the Socialist Party (PS) win an outright majority - removing reliance on the far-left. This is also seen as a positive and Portuguese 10-year spreads to Bunds are 3.0bp tighter on the day.
  • These political events have also helped drive sentiment across EGB peripherals with other spreads also tightening this morning.
  • The only notable US data today will be the MNI Chicago Business Barometer and the Dallas Fed Manufacturing Activity index.
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