MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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: Continuing To Slide

BOND SUMMARY

European government bonds have continued to trade lower having posted losses at the beginning of the week, while equities are similarly down again.

  • Most notably, the euro has pushed below parity against the dollar, marking the weakest level for the single currency in 20 yeras.
  • Gilts have sold off with the curve bear flattening. Cash yields are up 5-10bp.
  • Bunds opened higher but quickly gave back the gains with yields now 1bp higher across much of the curve.
  • OATs similarly had a strong start before trading lower through the morning.
  • The BTP curve has marginally steepened with the 2s30s spread widening 1bp.
  • Preliminary eurozone PMI data for August continued to indicate contractionary or near contractionary conditions across most of the bloc.
  • Supply this morning came from the UK (Linker, GBP750mn), Austria (ATBs, EUR1.923bn)
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