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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Earlier Session Lows In Futures Untouched, Flattening Extends

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Unlike global peers, gilt futures don’t manage a test/break of early session lows in the wake of the U.S. data, even with the hawkish repricing in BoE-dated OIS/SONIA futures flagged in the previous bullet.

  • A move through session lows (96.58) would expose a support area at the May 3 low/76.4% of the Apr 25-May 16 rally (96.43/16).
  • Contract last trades -25 at 96.74 for reference.
  • Cash gilt yields are 2-6bp higher across the curve, with 2s10s and 5s30s hitting fresh session lows in recent trade, as the bear flattening extends.
  • Only 2-Year yields see a noticeable break vs. previous session highs.
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Unlike global peers, gilt futures don’t manage a test/break of early session lows in the wake of the U.S. data, even with the hawkish repricing in BoE-dated OIS/SONIA futures flagged in the previous bullet.

  • A move through session lows (96.58) would expose a support area at the May 3 low/76.4% of the Apr 25-May 16 rally (96.43/16).
  • Contract last trades -25 at 96.74 for reference.
  • Cash gilt yields are 2-6bp higher across the curve, with 2s10s and 5s30s hitting fresh session lows in recent trade, as the bear flattening extends.
  • Only 2-Year yields see a noticeable break vs. previous session highs.