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

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

US Treasury Auction Calendar

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 SOFR/Treasury Option Roundup

US TSYS

Better put trade on net overnight, light volumes however as markets await the next FOMC policy annc, ADP and NFP employment data and quarterly Tsy refunding annc's this week. Underlying futures weaker, near recent lows while projected rate hikes into early 2024 gain slightly: November at 0% to 5.325%, December cumulative of 5.6bp at 5.385%, January 2024 cumulative 7.9bp at 5.408%, March 2024 at 3.4bp at 5.363%. Fed terminal at 5.405% in Feb'24.

  • SOFR Options:
    • 1,000 2QZ3 96.00/96.25/96.50/96.75 call condors ref 95.865
    • 1,000 0QF4 95.12 puts vs. 2,000 2QF4 95.00/95.25 put spds
    • 2,000 0QX3 94.87/95.18/95.37 broken put fly ref 95.42
    • 1,250 SFRF4 94.75 straddles, 37.75 ref 94.67
  • Treasury Options:
    • over 8,900 weekly 10Y 107 calls, 9-10 ref 106-11.5 to -12.5
    • 10,000 TYZ3 104.75/105/106 put trees ref 106-08.5
    • 2,500 FVZ3 103/103.5 put spds ref 104-18.75
    • 3,500 TYZ3 105/106 put spds 4 over TYZ3 108 calls ref 106-08.5
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