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 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

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

MNI: US JUL FINAL MANUFACTURING PMI 49.6 (FLASH: 49.5); JUN: 51.6

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

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MARKET INSIGHT

The overnight session in Asia has seen oil prices under some pressure which helped Treasuries and Bunds cheapen as the positive growth impulse outweighed any first round inflationary impacts (i.e. reduced risks of stagflation). Oil has actually now moved off its lows and fixed income is starting to tick a little higher, largely as Russia concerns come back to the fore as Europeans get to theirs desks.

  • These moves saw more inversion for US 2s10s which overnight reached a low of -9.5bp, the most inverted level since 2006. US 5s30s went even further, the most inverted since September 2000, hitting a low of 15.2bp overnight.
  • More sanctions are seemingly incoming from the West to Russia after weekend reports about war crimes against Ukrainian civilians.
  • This morning we have seen more positive German trade numbers with the only other data event of the day US factory orders / final print of durable goods.
  • Its relatively light in terms of speaker with Bailey due to speak this morning (but at a Stop Scams Conference so probably not touching on monpol) and Cunliffe to speak today at 15:00GMT / 16:00CET at the European Economics & Financial Centre, Distinguished Speakers Seminar.
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