MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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

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What to Watch

MARKET INSIGHT
Data still a little slow to get underway, market focus more on Friday's Jan employment report (+150k est vs. +190k prior) and to lesser degree Wed's ADP private employ data (+184k est vs. +807k prior).
  • This morning sees
    • Markit US Manufacturing PMI (55.0, 55.0) at 0945ET
    • At 1000ET:
    • Construction Spending MoM (0.4%, 0.6%) at 1000ET
    • ISMs: New Orders (61.0 rev, 58.0), Mfg (58.8 rev, 57.5), Employ (53.9 rev, 53.0)
    • JOLTS Job Openings (10.562k, 10.300k)
  • Scheduled Fed speak still rather thin after coming out of media blackout late last week. Unscheduled pop-up interviews like Atl Fed Bostic w/FT on Saturday and Yahoo Finance Monday afternoon have been market moving.
    • Philly Fed Harker Bbg interview (moderate, voter 2023) at 0830ET
    • Richmond Fed Barkin (moderate, non-voter) at 1000ET
  • Geopolitical: US Sec of State Antony Blinken and Russia Foreign Minister Sergei Lavrov will hold a phone call today. They will discuss the recent NATO and US written responses to Russian security concerns and the heated exchanges at the UN Security Council meeting yesterday. Russia has demanded that the West provide proof that Russia is mobilising for an invasion of Ukraine.
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