MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

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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Core fixed income higher; gilts seeing biggest moves again

BONDS

Core fixed income markets are again at the mercy of Ukraine-related headlines this morning. After rallying on reports of Ukraine firing shells on seperatists ahead of the European open, further reports of shelling around 8:30GMT saw core FI spike higher before giving up most of those gains.

  • Gilts are again the biggest movers and again seeing upside pressure. 2-year yields are down 7.8bp on the day with 10-year yields down 3.9bp. Again, no UK specific headlines but just the market reaction to having become so stetched in terms of what's priced in.
  • In terms of events later, ECB's Lane will appear in an MNI webcast (click here to register) at 14:00GMT / 9:00ET today, with any comments on ECB policy and inflation likely to be closely watched by markets. We are also due to hear from the Fed's Bullard and Mester as well as receive US housing data.
  • TY1 futures are up 0-9+ today at 126-03+ with 10y UST yields down -3.2bp at 2.008% and 2y yields down -4.0bp at 1.484%.
  • Bund futures are up 0.22 today at 165.45 with 10y Bund yields down -1.6bp at 0.258% and Schatz yields down -2.0bp at -0.389%.
  • Gilt futures are up 0.32 today at 120.47 with 10y yields down -3.9bp at 1.484% and 2y yields down -8.1bp at 1.320%.
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