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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Corporate Credit Risk Improving

US

Corporate credit risk mildly higher -- off midday highs as equities paring losses over last half hour -- SPX eminis back near middle of session range.

  • S&P eminis currently trading -5.25 (-0.43%) at 4470.0 -- well above 4448.50 session low and key support of 4444.5: 50-day EMA.
  • Investment grade risk measured by Markit's CDXIG5 index currently +0.638 to 68.094 vs. 69.178 high; CDXHY5 high yield index mildly lower at 104.783 (-.229).
  • Outperforming credit sectors (tighter or least wide): Financials (sub and Sr) debt sector ironically outperforming even as shares of large global bank trade broadly weaker on the day. Utilities sector (-0.3) with gas and electric service provider debt narrowing.
  • Lagging sectors (wider or least narrow): Communications sector (+0.3) debt mirrored lagging share performance, followed by Consumer Discretionary and Energy sectors (+0.2).
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