CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

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

MNI: BLS: NET PAYROLLS REVISIONS FOR MAY, APRIL -111K

US JUN AVERAGE HOURLY EARNINGS +0.3% Vs MAY +0.4%; +3.9% YOY

US JUN UNEMPLOYMENT RATE 4.1%

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 sovereign bonds have broadly traded weaker this morning with equities inching lower and the dollar on the backfoot against G10 FX.

  • Gilts have sold off and have underperfomed EGBs. Cash yields are 2-4bp lower on the day with the curve bear steepening.
  • Bunds have similarly traded weaker with the curve 1bp steeper. Last yields: 2-year -0.6953%, 5-year -0.6386%, 10-year -0.3507%, 30-year 0.1508%.
  • OATs have slightly underperformed bunds on the day. There has been substantial nominal and linker supply this morning.
  • BTP yields are 1-2bp higher with long-end spreads 1bp wider.
  • Supply this morning came from France (OATs, EUR10.038bn; OATei/OATi, EUR1.656bn), Spain (Bonos/Oblis, EUR5.111bn) and Ireland (Bills, EUR0.75bn).
  • The European data calendar was relatively light this morning.
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