EUR: EUR/USD - Push Higher Stalls Ahead Of Jackson Hole

RBA-dated OIS pricing is 2-11bps firmer across all meetings versus last week's pre-employment data levels.

• As it stands, RBA-dated OIS pricing shows modest tightening across all meetings, with the probability of a 25bp hike rising from 38% for August to 126% by December 2026.

Figure 1: RBA-Dated OIS – Current Vs. Pre-Jobs Data

Source: Bloomberg Finance LP / MNI

"*RESERVE BANK OF AUSTRALIA GOV. BULLOCK COMMENTS IN SPEECH TEXT
*BULLOCK: CORE CPI EVOLVED BROADLY AS EXPECTED, STILL TOO HIGH
*BULLOCK: SOME FURTHER EASING IN DEMAND GROWTH LIKELY NEEDED
*BULLOCK: UNCLEAR IF RBA HAS HIKED ENOUGH TO RETURN CPI TO GOAL
*BULLOCK: FULL EFFECTS OF EARLIER HIKES WILL TAKE TIME TO EMERGE
*BULLOCK: INDICATORS POINT TO MODERATE CONSUMPTION GROWTH IN 2Q
*BULLOCK: RBA BOARD WILL INCREASE CASH RATE FURTHER IF NEEDED" - BBG

Below is a selection of key recent onshore media highlights for China ICYMI :

Corporate Profitability (Xinhua): Profits of China's electronics industry up 96.9 pct in H1

Chips (Xinhua): China's leading memory chipmaker CXMT surges 466 pct after blockbuster IPO

Tariffs (Global TImes): China opposes US tariffs under 'forced labor' pretext, urges Washington to correct 'wrong practice'

Capital Markets (China Sec Journal): The capital market is accelerating the construction of a new pattern of two-way opening up.

IPO (China Sec Journal): In the first half of the year, 24 A-share companies went public in Hong Kong, raising a total of over HK$120 billion.

China US Relations (China Daily): US warned over AI sanctions threat

Data Centres (SCMP): China’s localised data centre push drives AI ambitions amid overbuilding concerns

Industry (SCMP): China’s private-sector split widens as tech rises, traditional sectors struggle: survey

Banking Stocks (Shanghai Sec News): Actively managed equity funds increased their holdings in the securities sector

MNI China Press Digest Jul 28: GDP, Profits, Property Tax