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

Core EGBs trade weaker and the periphery mixed heading into the ECB meeting.

  • Gilts started session on a firm footing but have gradually sold off through the morning with yields 1bp above yesterday's close.
  • Bund yields are similarly 1bp above the close.
  • The OAT curve has marginally steepened with the 2s10s and 2s30s spreads 1bp wider on the back of longer end yields drifting higher.
  • BTPs rallied in early trade, but quickly gave back the gains with yields now marginally below the last close.
  • Focus is on the ECB today, although no material changes in monetary policy are expected. Questions during the press conference will concentrate on the ECB's tolerance for further euro strength, the impact of recent lockdown restrictions on economic activity and whether or not the current PEPP envelope provides a ceiling on asset purchases.
  • Supply this morning came from the UK (Gilts, GBP3.25bn), France (OATS, EUR9.993bn, Linkers, EUR2.37bn), Spain (Bonos/Oblis, EUR6.104bn), and Ireland (T-Bills, EUR750mn)
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