MNI China Daily Summary: Thursday, August 1

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

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

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

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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EGB/GILT: In a ruling announced........>

BOND SUMMARY
BOND SUMMARY: EGB/GILT: In a ruling announced today the German constitutional
court called into question the ECB's QE purchases. The ECB has been given three
months to justify its purchases. According to Reuters, the ECB will discuss the
German court ruling at a non-policy meeting today at 1200ET/1700BST/1800CET.
- There was decent supply this morning from the UK (Gilts; GBP6.25bn) Germany
(linkers; E448.25mn), Spain (letras; E7.6bn), Belgium (bills, E2.2bn), the ESM
(bills, E2.5bn) and Austria (RAGBs; E1.15bn).
- Gilts trade close to flat on the day. Current yield levels: 2-year 0.009%,
5-year 0.080%, 10-year 0.227%, 30-year 0.559%.
- The bund curve has bull steepened with the 2s30s spread up 3bp.
- The short end of the OAT curve has firmed while yields at the longer end have
inched higher.
- BTPs have sold off sharply and led by the shorter end. The benchmark 2-year
has underperformed the curve with the yield up 16bp on the day.
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