China and Oil Price Dealing Double Disinflationary Hand
A renminbi devaluation looms and WTI is nearing a 4-month low
Highlights
• A renminbi devaluation looms as deflation momentum builds in China…
• … and more global disinflation is coming from oil, with WTI nearing a 4-month low
• As peers trim guidance, all eyes turn to key retailer earnings next week
• Smaller banks are cutting credit as they bear the brunt of deposit outflows
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