MNI BRIEF: US Labor Costs Increase 0.9%, Below Expectations

MNI BRIEF: ADP's Richardson Sees Normalizing US Labor Market

CANADA FLASH Q2 GDP ANNUALIZED +2.2%

MNI China Daily Summary: Wednesday, July 31

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 433.0M JUL 26 WK

MNI: US NAR JUN PENDING HOME SALES INDEX 74.3 V 70.9 IN MAY

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

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OUTLOOK
  • Counting for the US midterm elections is continuing and it is looking likely that the Republicans will gain control of the House but the Senate could remain in Democratic hands. MNI's Political Risk team had seen a 55% probability of this outcome (with a 35% probability of a Republican House and Senate) but many had expected a scenario of Republican overall control of Congress. At present it appears as though for the Republicans to win the Senate they would need to win both Nevada and Georgia. Nevada has seen 56% of the votes counted and looks to be heading towards a Democrat hold, but it could be some time before this becomes a certainty. If this is not the case and the Republicans win it would put the focus on Georgia which at present is looking as though it is heading for a run-off which would be held on 6 December. After early indications of a strong Republican showing weren't followed through on a national level, Treasuries moved away from their lows of the overnight session.
  • Looking ahead, markets continue to remain focused on tomorrow's US CPI print with today seeing Financial Stability Reports released in Sweden and Norway as well as speeches from ECB's Elderson, Fed's Williams and Barkin and BOE's Cunliffe.
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