MNI China Daily Summary: Tuesday, Aug 20

RIKSBANK CUTS POLICY RATE BY 25BP TO 3.5%

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

MNI: EUROZONE JUN CONSTRUCTION OUTPUT +1.7% M/M, +1% Y/Y

Final Data Broadly Confirms Flash HICP Details

MNI: EUROZONE JUL FINAL HICP +0% M/M, +2.6% Y/Y

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

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What to Watch: Abbreviated Futures Session

MARKET INSIGHT

Tsy futures trading weaker - lower half narrow overnight range on very light volumes (TYU2<165k) with cash rates closed for Juneteenth holiday (futures abbreviated session closes at 1300ET), 30Y bonds waffling around steady.

  • No economic data today, but StL Fed Bullard will discus inflation, interest rates at Barcelona School of Economics at 1245ET (text, Q&A)
  • Data gradually picks up Tuesday:
    • Chicago Fed Nat Activity Index (0.47, 0.47) at 0830ET
    • Existing Home Sales (5.61M, 5.40M); MoM (-2.4%, -3.7%) at 1000ET
    • US Tsy $45B 13W, $42B 26W bill auctions at 1130ET
    • More Fed speakers Tuesday:
    • Richmond Fed Barkin moderated Q&A at NABE conf at 1100ET
    • Cleveland Fed Mester, Women in Leadership conf, no text, Q&A at noon
    • Richmond Fed Barkin again at 1530ET, Risk Mngmnt Assc, text, Q&A
  • Cross-Asset: Stocks currently firmer, near recent highs (ESU2 +23.50 at 3699.25); Crude little weaker (WTI -.19 at 109.37). Gold paring gains, now -0.36 1839.03.
  • Geopol: President Biden will make a decision on China tariffs and hold a call with Chinese President Xi Jinping “soon”.
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