MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

HICP Inflation Accelerates to 3.36% Y/Y

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Inflation Slows in June, Driven By Food and Fuels

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Cheaper With US Tsys & EGBs, Capex & Bldg Apps Data Due

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ACGBs (YM -4.0 & XM -5.5) are cheaper global bond yields moved steadily higher. German 10-year bund yields closed 10bps higher at 2.69% after stronger-than-expected May inflation.

  • Annual CPI increased to 2.8% from 2.4% in April primarily due to base effects for transport prices. This was above median forecasts for a 2.7% increase. The market now looks ahead to tomorrow’s release of preliminary CPI data for the Eurozone.
  • US tsys were also pressured by a weak US$44 billion 7-year auction. The bid-to-cover of 2.43 marked the lowest outright demand in a year.
  • The 10-year cheapened another 6bps to 4.61% and is 25bps+ higher since May 15.
  • Fed's Beige Book detailed 'modest' price growth across the survey period, but markets proved unresponsive ahead of key PCE data due Thursday and Friday.
  • RBA Hunter states at a conference in Sydney that the RBA broadly agrees with Treasury’s inflation forecasts.
  • Cash ACGBs are 3-5bps with the AU-US 10-year yield differential at -16bps.
  • Swap rates are 3-5bps higher, with the curve 3s10s steeper.
  • The bills strip has bear-steepened, with pricing -2 to -4.
  • RBA-dated OIS pricing is flat to 3bps firmer across meetings. 1bp of easing is priced by year-end from an expected terminal rate of 4.40%.
  • The local calendar today will see Private Capital Expenditure and Building Approvals.
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ACGBs (YM -4.0 & XM -5.5) are cheaper global bond yields moved steadily higher. German 10-year bund yields closed 10bps higher at 2.69% after stronger-than-expected May inflation.

  • Annual CPI increased to 2.8% from 2.4% in April primarily due to base effects for transport prices. This was above median forecasts for a 2.7% increase. The market now looks ahead to tomorrow’s release of preliminary CPI data for the Eurozone.
  • US tsys were also pressured by a weak US$44 billion 7-year auction. The bid-to-cover of 2.43 marked the lowest outright demand in a year.
  • The 10-year cheapened another 6bps to 4.61% and is 25bps+ higher since May 15.
  • Fed's Beige Book detailed 'modest' price growth across the survey period, but markets proved unresponsive ahead of key PCE data due Thursday and Friday.
  • RBA Hunter states at a conference in Sydney that the RBA broadly agrees with Treasury’s inflation forecasts.
  • Cash ACGBs are 3-5bps with the AU-US 10-year yield differential at -16bps.
  • Swap rates are 3-5bps higher, with the curve 3s10s steeper.
  • The bills strip has bear-steepened, with pricing -2 to -4.
  • RBA-dated OIS pricing is flat to 3bps firmer across meetings. 1bp of easing is priced by year-end from an expected terminal rate of 4.40%.
  • The local calendar today will see Private Capital Expenditure and Building Approvals.