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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EGB/GILT

BOND SUMMARY

European govies have traded weaker today alongside G10 gains against USD and fresh downside for stocks.

  • Gilts have traded lower with the long-end underperforming. The 2s30s spread is 3bp wider.
  • Bunds sold off early into session but have clawed back through the morning and now trade in line with yesterday's close.
  • French OATs are similarly unch on the day. Last yields: 2-year -0.7093%, 5-year -0.6825%, 10-year -0.5670%, 30-year 0.3506%.
  • The BTP curve has bear steepened with long-end yields inching up 3bp.
  • UK CPI for September narrowing missed expectations (0.5% Y/Y vs 0.6% survey), while the public sector net borrowing requirement came in at GBP35.4bn for September, above the EUR32.4bn consensus.
  • Greece is placing a Feb-35 bond through syndication today. Books were last seen above EUR14bn.
  • The BoE's Ramsden will be speaking at 1310BST with Philip Lane and Luis de Guindos from the ECB will be speaking at 1455 and 1700, respectively.
  • The FT reports that the UK government has abandoned spending plans which would covered the remainder of the parliament and will instead opt for a one-year review given the difficulties presented by the Covid crisis.
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