MNI: PBOC Net Drains CNY349.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1124 Fri; +2.56% Y/Y

CHINA PBOC CONDUCTS CNY30.1 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1124 FRI VS 7.1299

MNI BRIEF: Inflation's Down, Not There Yet - Fed's Barkin

MNI BRIEF: Jobless Claims Stays Low, 2Q GDP Revised Higher

Australia Jun Retail Sales +0.5% M/M

Japan Jul Retail Sales +2.6% Y/Y

Japan Jul Ind. Output +2.8% M/M; First Fall In 2 Mths

UK: Week Ahead

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Bond Market Meltdown Inspired By U.S. CPI Extends Into New Week

BONDS

Core FI markets are showing some weakness as Asia-Pac participants are digesting U.S. CPI figures released after Asia hours on Friday. Consumer prices grew faster than expected, inspiring hawkish Fed repricing ahead of this Wednesday's FOMC meeting. Regional reaction to U.S. inflation data has outweighed the risk-negative impact of worrying COVID-19 developments in Shanghai and Beijing, keeping core FI futures contracts under continued pressure.

  • T-Notes have faltered and last deal -0-12 at 116-14, with Eurodollar futures running 2.75-16.5 ticks lower through the reds. Cash Tsy curve has bear flattened amid a surge in 2-year yield, which last sits 8.1bp higher on the day. The local docket is headlined by comments from Fed's Brainard today, she will speak on the Community Reinvestment Act.
  • JGBs have failed to jump onto the risk-off bandwagon and have lost some altitude in morning Tokyo trade, presumably on the back of local reaction to U.S. CPI and the ensuing Tsy sell-off. JBU2 last changes hands at 148.67, 34 ticks shy of previous settlement. Cash yields are higher, curve has steepened.
  • Australian financial markets are closed in observance of a public holiday.
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