MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Core FI continues its post-payrolls drift lower

BONDS
  • After moving lower in early Asian trading as local market participants reacted to the much stronger than expected US employment and ISM services prints on Friday, core fixed income has continued to drift lower in the European timezone as markets continue to reassess terminal rate pricing higher.
  • Gilts are the underperformers, after having seen big moves following last week's MPC meeting with gilt futures now largely back to where they were immediately ahead of the meeting.
  • Today's calendar is a little on the light side, but there will be continued focus on the fallout of the Chinese balloon that drifted over US soil.
  • This week's major economic data is backloaded with German inflation, UK activity data and Michigan inflation expectations data all due on Thursday or Friday.
  • TY1 futures are down -0-15 today at 113-30+ with 10y UST yields up 6.2bp at 3.588% and 2y yields up 8.3bp at 4.374%.
  • Bund futures are down -0.77 today at 137.28 with 10y Bund yields up 6.5bp at 2.254% and Schatz yields up 5.0bp at 2.588%.
  • Gilt futures are down -0.91 today at 106.12 with 10y yields up 11.0bp at 3.162% and 2y yields up 14.7bp at 3.347%.
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