MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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Bill supply for W/C Jan 11th

EUROZONE T-BILL ISSUANCE

Germany, France, Spain, Italy, Belgium, Finland and the ESM are all set to issue bills this week. We expect bill issuance of E28.6bln, up from E16.1bln last week.

  • Germany and France will both issue bills Monday.
    • Germany will kick off issuance for the week with E7bln of bubills. The 5-month Jun 9, 2021 for E3bln and the new 11-month Dec 15, 2021 for E4bln.
    • France will see E4.8-6.0bln of BTFs on offer: the 13 week Apr 14, 2021 BTF for E2.3-2.7bln, the 22 week Jun 16, 2021 BTF for E1.1-1.5bln and the 48 week Dec 15, 2021 BTF for E1.4-1.8bln.
  • Spain, Italy, Belgium, Finland and the ESM will all issue on Tuesday:
    • Spain is yet to announce auction sizes (we pencil in E2.5bln) but will see the 6-month Jul 6, 2021 letras and the 12-month Jan 14, 2022 letras on offer.
    • Italy will offer E7bln of the 12-month Jan 14, 2022 BOT.
    • Belgium will offer E2.8-3.0bln: an indicative E1.0bln of the short May 13, 2021 TC and an indicative E2.0bln of the long Jan 13, 2022 TC.
    • Finland will offer E2bln with E1bln each of the 8-month Aug 10, 2021 and 11-month Nov 9, 2021 bills.
    • The ESM will conclude issuance for the week with E1.1bln of the new 12-month Jan 13, 2022 bill on offer.

For more details see the MNI Eurozone and UK T-bill auction calendar.

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