MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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BEAR STEEPENING

GILT SUMMARY

Gilts have been offered today and the curve has bear steepened alongside the broader global risk-on theme.

  • The Sep-20 gilt future trades at 136.66, 5 ticks off the day's low.
  • Cash yields are 2-4bp higher and the curve ~2bp steeper. Last yields: 2-year -0.0299%, 5-year -0.0143%, 10-year 0.2500%, 30-year 0.8236%.
  • The short sterling futures strip has steepened with whites flat/1.0 ticks higher and greens/blues down 2.5-3.5 ticks.
  • The DMO earlier sold GBP3.00bn of the 0.125% Jan-26 gilt and GBP1.25bn of the 1.625% Oct-54 Gilt.
  • The data calendar will remain light this week with just the Lloyd Business Barometer for August and Nationwide House Price Index data for the same month due to be published on Friday.
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