MNI China Daily Summary: Wednesday, Sept 11

MNI BRIEF: Cautious Policy Adjustments Eyed - BOJ's Nakagawa

MNI: PBOC Net Injects CNY209.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1182 Weds; +2.35% Y/Y

CHINA PBOC CONDUCTS CNY210 BLN VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1182 WEDS VS 7.1136

MNI: UK JUL TRADE BALANCE GBP -7.51BN

MNI: UK JUL SERVICES INDEX +0.1% M/M, +0.6% 3MM

MNI: UK JUL CONSTRUCTION OUTPUT -0.4% MM, +1.2% 3M3M, -1.6% YY

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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BONDS: Gilts Extend Recent Tightening Vs. Bunds

BONDS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts extend their recent outperformance vs. Bunds. The presence of 10-Year German supply will be helping intraday, but there are some other factors at play.

  • This week’s UK data has helped promote the idea of a swifter BoE cutting cycle, albeit centred on ’25 given the Bank’s current reluctance to commit to further easing in the immediate term.
  • The SFIZ5/ERZ5 implied rate spread has narrowed by 12.5bp since the Aug 29 multi-month closing high.
  • Elsewhere, the UK’s fiscal trajectory under a Labour government continues to dominate discussions, with the party’s pro-growth election preferences already being challenged in the early stages of its term.

Fig. 1: UK/Germany 5- & 10-Year Yield Spreads

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Gilts extend their recent outperformance vs. Bunds. The presence of 10-Year German supply will be helping intraday, but there are some other factors at play.

  • This week’s UK data has helped promote the idea of a swifter BoE cutting cycle, albeit centred on ’25 given the Bank’s current reluctance to commit to further easing in the immediate term.
  • The SFIZ5/ERZ5 implied rate spread has narrowed by 12.5bp since the Aug 29 multi-month closing high.
  • Elsewhere, the UK’s fiscal trajectory under a Labour government continues to dominate discussions, with the party’s pro-growth election preferences already being challenged in the early stages of its term.

Fig. 1: UK/Germany 5- & 10-Year Yield Spreads

Keep reading...Show less