MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

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 BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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What to Watch: ISMs, Stock Earnings

MARKET INSIGHT
Tsy futures remain mixed in lead up to NY open, light volumes w/ TYU2 just over 275k at the moment, 10k block buys in FVU2 underpinning short end as markets continue to gradually unwind 75bp hike positioning for next FOMC on Sep 16 (includes Summary of Economic Projections).
  • No scheduled Fed speakers at the moment, in the meantime: data coming up at 0945ET (prior, est):
    • S&P Global US Manufacturing PMI (52.3, 52.3)
    • followed by ISMs at 1000ET:
    • Construction Spending MoM (-0.1%, 0.2%)
    • ISM Manufacturing (53.0, 52.0)
    • ISM Prices Paid (78.5, 73.5)
    • ISM New Orders (49.2, 49.0)
    • ISM Employment (47.3, 48.2)
  • Treasury auctions: Bill sales kick off light week: $54B 13W and $42B 26W bills, (4W, 8W bills Thu). Next Tsy quarterly refunding next Wed, Aug 3 at 0830ET.
  • Equities:Trading mildly weaker, SPX futures ESU2 -5.5 at 4128.0. Earnings releases continue after session close: Avis Budget Grp (CAR) $11.165 est, Williams (WMB) $0.365 est, SBA Communications (SBAC) $2.561 est, Diamondback Energy (FANG) $6.624, Mosaic (MOS) $4.0 est.
  • Cross asset: Spot Gold trims gains +4.90 at 1770.85, Crude weaker (WTI -3.02 at 95.60).
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