MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

MNI: BANXICO HOLDS INTERBANK RATE STEADY AT 11.00%

MNI BRIEF: Fed's Bowman Says Policy Appears To Be Restrictive

MNI BRIEF: Japan June Tokyo Core CPI Rises 2.1% Vs. May 1.9%

Japan May Ind. Output 2.8% M/M; Shipments +3.5% M/M

MNI BRIEF:Japan May Factory Output Hits First Rise in 2 Months

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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What to watch

OUTLOOK
  • A busy morning ahead with flash PMI data and the UK's "Growth Plan" (AKA fiscal statement).
  • Flash PMIs starting in 10 minutes are all expected to fall to 50 or below (with the exception of French services PMI). While the growth outlook is important, the sub-components related to prices are probably even more important for the monetary policy outlook.
  • The Growth Plan at 9:30BST / 10:30CET will set out the new UK government's immediate tax cutting plans. The energy price cap and reversal of the NIC hike have already been announced (but government cost estimates may accompany these). There are further media reports of potential changes to income tax, stamp duty, corporation tax and fuel duty. History suggests the DMO remit is published shortly after the Chancellor's statement and MNI understands there are no plans to diverge from this pattern. Expectations range from around GBP45-90bln being added to this year's gilt remit (with further implications for next year).
  • After European hours at 19:00BST / 20:00CET, Fed Chair Powell will make opening remarks at a Fed Listens event - note that this event will be moderated by Brainard and Bowman.
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