MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Cash Curve Flattens In Holiday-Shortened Session

US TSYS SUMMARY

Treasuries traded within a 4-tick range for almost the entire holiday-shortened Friday session, with no macro or headline drivers. A late rally brought Tsys close to session highs as we headed into the early close.

  • Bull flattening in the curve - largely reflecting catch-up from the Thursday cash holiday. This as equities continued to edge higher in orderly fashion and the dollar weakened.
  • The 2-Yr yield is down 0.6bps at 0.1524%, 5-Yr is down 2.5bps at 0.3687%, 10-Yr is down 3.6bps at 0.8455%, and 30-Yr is down 4.5bps at 1.5784%.
  • Dec 10-Yr futures (TY) up 7.5/32 at 138-16 (L: 138-07.5 / H: 138-17.5). Note TYH1 has taken the volume lead on actives over TYZ0, with the roll basically complete ahead of Monday's first notice.
  • Data resumes on Monday with MNI Chicago PMI, though no scheduled Fed speakers or Tsy supply (there are bill auctions).
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