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

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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What to Watch: March Employment

MARKET INSIGHT
Rates weaker as new quarter gets underway, scaled month-end buying has run it's course it appears. Risk on with yields higher, equities bid (ESM2 +20.25 at 4551.0) with focus on March employment data at 0830ET:
    • Change in Nonfarm Payrolls (+678k, +490k)
    • Private Payrolls (+654k, +499k); Mfg (36k, 32k)
    • Unemployment Rate (3.8%, 3.7%)
    • Average Hourly Earnings MoM (0.0%, 0.4%); YoY (5.1%, 5.5%)
    • Labor Force Participation Rate (62.3%, 62.4%)
  • Additional Data:
    • S&P Global US Mfg PMI (58.5, 58.5) at 0945ET
    • ISMs at 1000ET:
    • Manufacturing (58.6, 59.0); Prices Paid (75.6, 80.0); New Orders (61.7, 58.5); Employment (52.9, 53.1)
  • US Pres Biden expected to speak about jobs data at 1045ET.
  • Crude under pressure (WTI -1.73 at 98.55) following US annc of largest oil reserves release in history yesterday: one million additional barrels on the market per day on average – every day – for the next six months. Meanwhile, member countries of the International Energy Agency currently meeting to discuss an additional emergency oil release.
  • Chicago Fed Evans, on economy/mon-pol, text, Q&A
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