MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1318 WED VS 7.1328

June Exports Miss, Electronic Exports Fall, Lagging Other Parts Of Asia

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

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

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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Awaiting The ECB

BOND SUMMARY

Sovereign bonds are broadly trading a touch firmer heading into today's ECB meeting. Although no changes to monetary policy or the economic outlook are expected, markets will be focused on any commentary around the weekly PEPP purchases.

  • USTs initially rallied in the European morning, but quickly gave back gains to trade near yesterday's close. TYM1 trades at 132.18, near the bottom end of the day's range (L: 132-17 / H: 132-24+).
  • The gilt curve has flattened with the 2s30s spread 2bp narrower on the day. Short sterling futures are broadly flat/1.0 ticks higher in whites through blues.
  • Bunds have similarly inched higher with the curve 1bp flatter.
  • BTPs opened strongly but soon retraced with cash yields now within 1bp of the last close.
  • French manufacturing confidence data for April came in slightly better than expected.
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