MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1318 WED VS 7.1328

Swift categories boost services CPI by 0.19ppt; headline by 0.09ppt (CORRECT)

Swift categories boost services CPI by 0.19ppt; headline by 0.09ppt (CORRECT)

UK inflation a tenth higher than expected

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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Discounting the Taper Talk

US TSYS SUMMARY
Rates and equities rebounded strongly Thursday, apparently discounting the prior session's taper talk on the heels of the April FOMC minutes amid better buying/short covering as accts.
  • Bonds lead move higher after Philly Fed came out weaker than exp, 31.5 vs. 41.5 exp. (May prices paid 76.8 vs. 69.1 in April, however), weekly claims little lower than exp at 444k vs. 450k exp.
  • Tsy futures quietly extended session highs in the lead up to Tsys $13B 10Y TIPS auction re-open, while a 10Y Block buy (+8.4k TYM1 132-15) contributed to the move. Decent volumes partially tied to surge in Jun/Sep quarterly futures rolling, well over 330k total between 5s and 10s. Reminder, Jun quarterly options expire Fri
  • Thursday's $13B 10Y TIPS auction re-open drew high yield of -0.805% w/2.50x bid-to-cover, high yld compares to -0.580% on prior auction on March 18, and 5-month average of -0.866%. Indirect take-up was 68.60%, down from 73.91% in March; Primary dealer take-up 15.55%, little better than a 15.29% 5M average; Direct take-up 15.86% vs. 15.22% in March.
  • The 2-Yr yield is down 0.8bps at 0.1472%, 5-Yr is down 4.4bps at 0.813%, 10-Yr is down 4.1bps at 1.6301%, and 30-Yr is down 3.1bps at 2.3386%.
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