MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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

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EGB/Gilt - Another 504 ticks range for Gilts

BONDS
  • EGBs and Bund pared most of their gains, after the US CPI beat expectation, with US Rates now fully pricing another 75bps hike at the next Fed meeting.
  • Despite the falls, yesterday's low 135.14 in Bund held, printed 135.15 low, and the contract has pullback above 136.00, on short Cover and squaring as we head into the later stage of the European session.
  • A massive 504 ticks range for the Gilt, after Bloomberg ran that UK officials are working on a U turn for Truss's Tax cut plan.
  • Kwarteng later said that "I'll Deliver Statement On 31 Oct".
  • BOE bought GBP3.1204bln of linkers.
  • BOE rejects GBP56.4mln of offers.
  • That was more than 50% increase vs the last couple of days purchases.
  • Looking ahead, Tomorrow sees French, Spanish final CPIs, US Retail Sales and prelim Michigan.
  • Dec Bund futures (RX) up 66 ticks at 136.5 (L: 135.15 / H: 137.54)
  • Germany: The 2-Yr yield is up 8.8bps at 1.915%, 5-Yr is up 3.5bps at 2.086%, 10-Yr is down 0.8bps at 2.306%, and 30-Yr is down 3.7bps at 2.319%.
  • Dec Gilt futures (G) up 271 ticks at 94.68 (L: 92.2 / H: 97.24)
  • UK: The 2-Yr yield is down 17.4bps at 3.843%, 5-Yr is down 19.7bps at 4.276%, 10-Yr is down 20.2bps at 4.234%, and 30-Yr is down 24.5bps at 4.573%.
  • Dec BTP futures (IK) up 96 ticks at 110.39 (L: 109 / H: 111.77)
  • Dec OAT futures (OA) up 69 ticks at 130.14 (L: 128.84 / H: 131.27)
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