MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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Early market colour

BONDS
  • A much lighter open in terms of Volumes this morning, after decent volumes traded during the first 4 hours of trading this week, every single day.
  • Most investors are on the sideline, but safe haven (Bonds) are underpinned, which will likely be the trend today and into the end of the session going into the weekend, as desk position to alleviate any potential escalations in Eastern Europe.
  • Fairly steady in peripheral spreads, although the Greek/Bund spread continues to edge at widest level since Mat 2020..
  • The Greek/Bund spread is just 0.2bp wider, and further push higher will open to 240nps, now at 235.4.
  • The next upside target is seen further out, to 256.48bps
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