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MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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Aircraft-Led Durables Collapse Masks Rebound In Core Orders

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

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Brexit Optimism Driving Gilts Lower Despite Internal Markets Bill

BOND SUMMARY
  • Gilts are the under performers this morning on optimism a Brexit deal can be struck following comments from Daily Mail journalist who cited sources that "last week's negotiations were the best for months". As our political risk team note, the hope is that if a Brexit deal is agreed over the next couple of weeks then the controversial elements of the Internal Markets bill will be withdrawn and that this was just a negotiating ploy to speed up talks. 10-year gilt yields are 2.1bp higher at writing.
  • Outside of the UK, risk appetite is a bit better generally, helping other core bonds move lower and peripheral spreads tighten.
  • There are not many speakers on the calendar for today with US industrial production the highlight of the session.
  • TY1 futures are down -0-2+ today at 139-16 with 10y UST yields up 0.4bp at 0.678% and 2y yields unch at 0.138%.
  • Bund futures are down -0.07 today at 173.93 with 10y Bund yields up 0.4bp at -0.478% and Schatz yields up 0.4bp at -0.701%.
  • Gilt futures are down -0.26 today at 136.14 with 10y yields up 2.4bp at 0.217% and 2y yields up 3.1bp at -0.72%.
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