MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

MNI:US JUN DURABLE NEW ORDERS -6.6%; EX-TRANSPORTATION +0.5%

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

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A more steady European morning session

BONDS
  • A more stable morning session for EGBs and Bund, after the large ranges that they traded yesterday.
  • Headline on Russia have been more subdued this morning, with nothing emerging regarding the tensions.
  • Bund is flat at the time of typing, and similar price action in peripheral spreads, with all of them flat against the German 10yr.Gilt outperforms, and is 1.3bp tighter versus Bund.
  • BOE's Bailey, Broadbent, Haskel and Tenreyro are testifying and sound not as Hawkish as they have been previously.
  • BoE Broadbent: We are likely to need to further tightened, but not an inexorable rise.
  • Most of the action in Treasuries remains in spread, with desk taking advantage of the more stable markets.
  • Looking ahead, there is no data of note, but plenty of speakers, including h ECB Villeroy, Guindos, de Cos, BoE Bailey, Tenreyro, and Fed Daly
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