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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Attention turns to Prelim PMIs.

BUNDS
  • Bund remains underpinned, opened with a small gap up, as investors turn their attention to prelim PMIs.
  • Similar price action for the Estoxx futures, underpinned, but still short of Yesterday's high at 4305.0.
  • For Bund, small support is at 131.16 (gap), followed by 130.75.
  • Resistance is at 131.41, followed by 131.73.
  • Focus is on the French, German, EU, UK, US prelim PMIs.
  • Also out of the US, Prelim. Benchmark revision to Establishment survey Data: "Each year, the establishment survey estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW) for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. At 10:00 a.m. on August 23, 2023," (BLS).
  • SUPPLY: German EU3bn 7yr (Equates to 38.7k Bobl, or 18k Bund) should have limited impact on Bund. US sells $24bn FRN 2yr reopening and $16bn of 20yr Bonds.
  • SYNDICATION: EFSF, Finland.
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