MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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EGB/Gilt: Broad Gains

BOND SUMMARY

European government bonds have traded firmer this morning while equities are close to flat on the day.

  • Despite potential signs of a marginal de-escalation in the Ukraine crisis yesterday, indications that Russian troop levels could be rising on the border reflect the still heightened degree of uncertainty over the direction of the conflict.
  • UK inflation came in above expectations for January (5.5% Y/Y vs 5.4% survey).
  • The gilt curve has twist steepened. Yields at the shorter end are 4-5bp lower on the day, while pushing up 2bp at the longer end. The 2s30s spread is 7bp wider.
  • Bunds started the session on a weak footing before making gains through the morning and now trading marginally above yesterday's close.
  • OATs have performed in a similar fashion with the curve 1bp steeper.
  • BTPs recovered earlier losses to now trade close to flat on the day.
  • Supply this morning came from Germany (Bund, EUR3.273bn allotted), Portugal (BTs, EUR1.25bn) and the Eurozone (EU Bills, EUR1.991bn). In addition, syndicated auctions were held for the ESM (0% Dec-26, books last seen above EUR37bn) and Slovenia (2.25% Mar-32 SLOREP tap, books above EUR900mn & 0.4875% Oct-50 SLOREP, books above EUR1.1bn).
  • Italy bought back a combined EUR2.231bn of BTP/CTZ/CCTeu.
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