MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1313 Mon; -1.35% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

Q2 GDP Below Expectations, Consumer Side Still Appears Soft

CHINA JUN INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.0% Y/Y: NBS

CHINA Q2 2024 REAL GDP +4.7% Y/Y VS MEDIAN +5.0% Y/Y: NBS

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 - A busier and more interesting session

BONDS

EGBs have continued lower, after BTP took the lead, and long were cut, as we broke below the initial channel support.

  1. The session has been more active and interesting today, with curves steepening.
  2. Given the move in BTP, it isn't too surprising to see the BTP/Bund spread widening by 3bps on the session.
  3. BTP broke through 154.02, and further downside momentum opens to 153.59 50-day EMA and 153.52 (38.2% retrace of the June/August rally).
  4. Bund is through the August low at 176.21, and hovers near the 176.00 figure.
  5. Gilts have kept up pace with Bund, and have also drifted lower.
  6. Gilt/Bund spread is flat on the session, and volumes have once again been dominated by rolling positions into December.
  7. Gilt roll is now at 73% completion.
  8. Looking ahead, Fed Mary Daly (takes part in a panel discussion on "Fintech, Racial Equity, and an Inclusive Financial System)
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