MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI BRIEF: BOJ Consumption Activity Index Flat M/M In May

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: EUROZONE MAY RETAIL SALES +0.1% M/M, +0.3% Y/Y

Retail Trade Broadly In-Line With Consensus

Weak manufacturing in France and Germany in May; energy production up

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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10-Year Yields Prints New Cycle High On Thursday

US TSYS

TYZ3 deals at 108-12, -0-01+, in line with late NY levels.

  • Cash tsys finished 3bps richer to 13bps cheaper across the major benchmarks. The curve twist steepened pivoting on 5s.
  • Spillover from gilts, as the BOE followed the Feds lead with a hawkish hold in rates, saw tsys pressured to sessions lows.
  • Losses marginally extended after the latest round of US data, the 10-Year Yield printed a fresh cycle high.
  • Tsys observed narrow ranges for the remainder of the session with little follow through on moves.
  • In Asia today the latest monetary policy decision from the BOJ provides the highlight. Further out we have flash S&P Global PMIs, as well as Fedspeak from Gov Cook, SF Fed President Daly and Minneapolis Fed President Kashkari.
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