MACRO HIGHLIGHTS    Credit Strategy - Early Morning Reid - Jim Reid    China’s July PPI was up 5.5% yoy, but a tad softer than expectations of 5.6% (5.5%previous), the National Bureau of statistics noted mom producer price growthturned positive on the back of steel and non-ferrous metal price rebounds, with~50% of the industrial sectors seeing price gains in July. CPI was up 1.4% yoy inJuly (vs. 1.5% expected; 1.5% previous) with food costs decline partly offsettinggains in other consumer goods. Focus remains on the extent of economic growthin 2H, as China’s policy makers had previously indicated a preference for slowergrowth.    FX Strategy - FX Daily - Tim Baker    The RBNZ meets on Thursday, against a backdrop of softer data (employmentand inflation) and a still-high NZD. But we don’t expect a dovish shift. The RBNZhas recently expressed only mild concern with the NZD at current levels, andthe softer data looks exaggerated. NZD still looks at risk vs EUR and USD givenextended positioning. But the most interesting trade to us is NZD top-side vs theAUD, given the markedly different macro backdrops.

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