MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% Y/Y

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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EGB/GILT: GDP Surprises And Digesting The ECB

BOND SUMMARY

Price action in European govies have been relatively contained thus far.

  • There has been no follow-through from yesterday's ECB meeting, which played out largely as expected: no change in policy, but a signal of intent that further stimulus will likely be added in December.
  • This morning's euro area preliminary GDP prints for the third quarter came in above expectations (Eurozone 12.7% Q/Q vs 9.6% survey, Germany 8.2% vs 7.3% survey, France 18.2% vs 15.0%, Italy 16.1% 11.1%, Spain 16.7% vs 13.5%) , but come at a time when social restrictions are being tightened across the region which risks undermining economic activity in Q4.
  • Bunds traded weaker earlier in the session but have pulled back towards yesterday's close.
  • The OAT curve has steepened slightly with the 2s30s spread 1bp wider.
  • BTPs have trade weaker with cash yields 1-2bp higher on the day.
  • Gilts trade close to unch. Last yields: 2-year -0.0623%, 5-year -0.065%, 10-year 0.2277%, 30-year 0.7666%.
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