MNI BRIEF: IMF Cuts Japan 2024 GDP View To +0.7% Vs. Apr 0.9%

CANADA JUNE CPI +2.7% YOY VS FORECAST +2.8%, PRIOR +2.9%

MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

MNI China Press Digest July 16: LPR, Q2 Data, Property

MNI: PBOC Sets Yuan Parity Higher At 7.1328 Tue; -1.79% Y/Y

EZ/UK Bond Supply Calendar: Greece, UK, Germany Due Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

MNI: US MAY BUSINESS INVENTORIES +0.5%; SALES +0.0%

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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A more steady start

BONDS
  • A very light session for Govies and across assets this morning.
  • Most markets trade within ranges, with the only notable moves seen in Risk, with Equities underpinned.
  • Peripheral spread are mixed, Greece is 2.6bps tighter, while Spain sits 0.8bp wider.
  • Gilt outperforms Bund a touch, pushing the Gilt/Bund spread 1bp tighter.
  • Most of the volume for Gilt is concentrated in finishing the roll, with the pace running at 82%.
  • Similar price action for Treasuries with the September now front Month, and the rolls all but done.
  • Tnotes trades circa flat on the day, and well within yesterday's ranges.
  • Looking ahead, US Wholesale inventories and PCE deflator, while Michigan will be final reading.
  • Jun Bund futures (RX) up 11 ticks at 153.37 (L: 153.22 / H: 153.71)
  • Germany: The 2-Yr yield is up 0.6bps at 0.362%, 5-Yr is up 0.7bps at 0.689%, 10-Yr is down 0.5bps at 0.993%, and 30-Yr is down 2.1bps at 1.26%.
  • Sep Gilt futures (G) up 22 ticks at 117.52 (L: 117.38 / H: 117.71)
  • UK: The 2-Yr yield is down 0.7bps at 1.446%, 5-Yr is down 0.9bps at 1.59%, 10-Yr is down 1.5bps at 1.953%, and 30-Yr is down 2.4bps at 2.205%.
  • Jun BTP futures (IK) up 5 ticks at 129.14 (L: 129.04 / H: 129.79)
  • Jun OAT futures (OA) up 11 ticks at 145.74 (L: 145.63 / H: 146.03)
  • Italian BTP spread up 2.9bps at 192.7bps
  • Spanish bond spread up 0.6bps at 106.6bps
  • Portuguese PGB spread down 0.2bps at 110.4bps
  • Greek bond spread down 1.8bps at 252.6bps
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