MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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What to Watch: Weekly Claims, Fed Speak, UK Governance

MARKET INSIGHT

Tsys trading mildly weaker after climbing off late overnight lows over the last couple hours, 30YY currently 3.1223% vs. 3.1642% overnight high. Decent volumes (TYU2>405k) ahead the NY open, yield curves little steeper but still inverted on net in the short end: 2s5s at -2.454, 2s10s at -7.521, 5s10s at -5.184.

  • Stocks mildly firmer/near highs: ESU2 +16.0 at 3864.25; Crude firmer, WTI +1.22 at 99.75; Gold back firmer at 1743.60 (Oct 2021 lvls).
  • Economic data coming up at 0830ET:
    • Jul-7 0830 Initial Jobless Claims (231k, 230k)
    • Jul-7 0830 Continuing Claims (1.328M, 1.330M)
    • Jul-7 0830 Trade Balance (-$87.1B, -$84.7B)
    • Friday focus on June employment report
  • Fed speak:
    • Fed Gov Waller NABE event, no text but yes to Q&A at 1300ET
    • StL Fed Bullard economy/policy outlook, text, Q&A at 1300ET
  • Tsy Auctions: US Tsy $35B 4W, $30B 8W bill auctions at 1130ET
  • Geopol: Latest focus on UK PM Boris Johnson maneuvering to hold on to power as he appoints all new cabinet members. Wires still reporting resignation announcement imminent.
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