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CHINA PBOC CONDUCTS CNY251.67 BILLION VIA 7-DAY REVERSE REPOS WEDS

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CHINA JUL MANUFACTURING PMI 49.4 VS 49.5 IN JUN

MNI: AUSTRALIA MONTHLY JUN CPI 0.4% MM, 3.9% YY

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

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Awaiting Latest PM Address

GILT SUMMARY

Gilts have given up most of the early gains while remaining bid on the day.

  • Cash yields are broadly 1-2bp lower, with the exception of the very short-end which has traded weaker and allowed the curve to flatten. The 2s10s spread is 4bp narrower. Last yields: 2-year -0.1636%, 5-year -0.1074%, 10-year 0.1718%, 30-year 0.7255%.
  • The Mar 21 gilt future trades at 135.75, near the middle of the day's range (L: 135.30 / H: 135.96).
  • Short sterling futures are 1.5-2.5 ticks higher in whites and broadly 3.0 ticks higher in reds/greens/blues.
  • PM Boris Johnson is expected to address the nation this evening amid speculation that the government could further tighten Covid social restrictions.
  • The BoE purchased GBP1.48bn of short-dated gilts with offer-to-cover of 2.58x.
  • The final December manufacturing PMI estimate was marginally better than the initial print (57.5 vs 57.3) while mortgage approvals for November came in significantly higher than expected (105.0k vs 83.5k survey).
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