MNI BRIEF: China Private Services PMI Up In July

MNI: PBOC Net Drains CNY300.9 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1345; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY0.67 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1345 MON VS 7.1376

MNI China Daily Summary: Friday, August 2

MNI: SPAIN JUL SERVICES PMI 53.9 (FCST:55.0); JUN 56.8

SPAIN INDUSTRIAL PROD JUN +0.3% M/M, +0.6% Y/Y

RBA Data Watch

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

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MARKET INSIGHT
  • After the RBA increased rates by more than expected overnight (25bp to 0.35% rather than the 15bp expected), there is some focus on the ongoing press conference with Governor Lowe. The opening statement of his speech said that "further increases in interest rates will be necessary over the months ahead. The Board is not on a pre-set path and will be guided by the evidence and data as it takes the necessary steps to achieve the medium-term inflation target and support full employment in Australia."
  • Looking further ahead the only notable data this morning will be German and Eurozone unemployment and Eurozone PPI. Neither normally move markets substantially.
  • Probably the data higlight of the day will be US JOLTs, due for release at 15:00BST ahead of tomorrow's FOMC policy decision (which is widely expected to confirm a 50bp hike). We also have the final print of US durable goods and factory orders (both due at 13:30BST).
  • With both the Fed tomorrow and the BOE Thursday, markets are likely to look ahead to these events rather than see particularly large moves on today's data.
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