MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

MNI BRIEF: China State Planner To Increase Trade-in Support

MNI China Daily Summary: Thursday, July 25

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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What to Watch: Fed Speak, Wkly Claims, Existing Home Sales

MARKET INSIGHT
Tsy futures make modest bounce, extending past early overnight highs slightly (30YY slips to 3.1168% low) following recent headline that Turkey has cut it's 1W repo rate by 100bp to 13.0%. Yield curves mildly flatter (2s10s -1.222 at -40.029) after Wed's post-FOMC minutes bull steepening.
  • Modest overall volumes (TYU2<280k), as mkt awaits latest data at 0830ET:
    • Initial Jobless Claims (262k, 264k)
    • Continuing Claims (1.428M, 1.450M)
    • Philadelphia Fed Business Outlook (-12.3, -5.0), followed by:
    • Existing Home Sales (5.12M, 4.87M); MoM (-5.4%, -4.9%), 1000ET
    • Leading Index (-0.8%, -0.5%), 1000ET
  • Fed speakers:
    • KC Fed George eco-outlook, Fairfax Ind Assn event, no text or media Q&A, 1320ET
    • MN Fed Kashkari, Q&A w/Young Pres Org, livestreamed, 1345ET
  • Treasury auctions:
    • $8B 30Y TIPS reopen (912810TE8) at 1300ET
    • $50B 4W, $50B 8W bill auctions at 1130ET
  • Equity earnings: Latest cycle winding down, Estee Lauder (EL) beat: $0.42 vs. $0.319 est. Expected this morning still: Kohl's Corp (KSS) $1.019 est, Ross Stores (ROST) $1.013 est. After the close: Applied Materials (AMAT) $1.772.
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