MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

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

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EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

US NFIB JUN SMALL BUSINESS INDEX 91.5

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

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Core FI a little lower this morning

BONDS
  • After some strength early in the European morning session, particularly for Bunds, on the back of a softer-than-expected Spanish inflation print, we have seen core fixed income reverse its gains and is now marginally lower than yesterday's closing levels.
  • The other notable data this morning has seen some regional German CPI prints. 3/5 have been roughly in line and two higher than the consensus for the national print which is due out at 13:00BST / 8:00ET.
  • Outside of European inflation prints, focus will be on the first print of US GDP for Q1. Consensus looks for a 1.0% print with most estimates in the range of 0.0-1.5%.
  • TY1 futures are down -0-0+ today at 119-25 with 10y UST yields down -1.1bp at 2.823% and 2y yields down -0.8bp at 2.585%.
  • Bund futures are down -0.16 today at 155.30 with 10y Bund yields up 1.8bp at 0.817% and Schatz yields up 2.4bp at 0.117%.
  • Gilt futures are down -0.15 today at 119.27 with 10y yields up 2.0bp at 1.830% and 2y yields up 2.5bp at 1.507%.
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