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MNI China Daily Summary: Tuesday, July 16

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MNI China Press Digest July 16: LPR, Q2 Data, Property

EZ/UK Bond Supply Calendar: Greece, UK, Germany Due Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

MNI: US MAY BUSINESS INVENTORIES +0.5%; SALES +0.0%

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: Broad Gains

BOND SUMMARY

European government bonds have broadly rallied this morning alongside gains for equities.

  • Gilts have firmed through the morning with the curve bull flattening. Cash yields are 3-5bp lower on the day.
  • The long end of the bund curve has similarly outperformed with the 2s30s spread narrowing 4bp.
  • OATs trade in line with bunds. Yields are now 1-5bp lower.
  • The BTP curve has twist flattened with the 2s30s spread trading down 4bp.
  • The ECBs Pablo Hernandez de Cos earlier stated that increase rate hikes should be gradual and that inflation will gradually slow towards the 2% target.
  • Supply this morning came from the UK (UKTBs, GBP2bn) and Italy (BOTs, EUR5bn)
  • The data focus shifts to US PCE and the University of Michigan consumer confidence update for May.
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