MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

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Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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Early Modest Rally Holds, Data Eyed Later This Week

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

Gilts hold early, modest rally. Move away from lows in European equities & oil futures cap gains.

  • Futures +10 at 98.26. Thursday’s range presents initial support & resistance (97.63/98.53).
  • Cash gilt yields 0.5-2.0bp lower.
  • Any pressure from Tsys/heightened odds of a second Presidential term for Trump quickly countered at the open.
  • Dovish BoE MPC dissenter Dhingra has reiterated her views re: the need for rate cuts, which, when coupled with steepening U.S. Tsy curve, resulted in bull steepening for gilts.
  • SONIA futures little changed to +4.0.
  • Little net movement in BoE-dated OIS, showing 11.5bp of cuts for Aug & 49bp of easing through year end.
  • GBP800mn of short-dated gilt sales from the BoE’s APF are due this afternoon.
  • We will release our preview of this week’s UK CPI & labour market data tomorrow.
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Gilts hold early, modest rally. Move away from lows in European equities & oil futures cap gains.

  • Futures +10 at 98.26. Thursday’s range presents initial support & resistance (97.63/98.53).
  • Cash gilt yields 0.5-2.0bp lower.
  • Any pressure from Tsys/heightened odds of a second Presidential term for Trump quickly countered at the open.
  • Dovish BoE MPC dissenter Dhingra has reiterated her views re: the need for rate cuts, which, when coupled with steepening U.S. Tsy curve, resulted in bull steepening for gilts.
  • SONIA futures little changed to +4.0.
  • Little net movement in BoE-dated OIS, showing 11.5bp of cuts for Aug & 49bp of easing through year end.
  • GBP800mn of short-dated gilt sales from the BoE’s APF are due this afternoon.
  • We will release our preview of this week’s UK CPI & labour market data tomorrow.