MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

MNI: US MAY CONSTRUCT SPENDING -0.1%

MNI: US ISM JUN MANUF PURCHASING MANAGERS INDEX 48.5

US JUNE MANUFACTURING PMI 51.6 (51.7 FLASH, 51.3 MAY)

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 - Lower post US PPI

BONDS
  • EGBs and Bund have traded lower this afternoon, helped by the US PPI beat, but really light volumes have helped exacerbates some of the moves.
  • Peripherals are mixed, Greece is tighter by 5.3bps, while Spain is 0.4bp wider.
  • Gilt have mostly traded in line with Bund, although the contract outperforms somewhat, translating to a wider Gilt/Bund spread.
  • Some desk have favoured fading some of the 10yr spread, after we tested tightest level since mid September on the EU Govie open.
  • Looking ahead, it's all about tomorrow and the start of the Central Bank meetings
  • Gilt futures are down -0.30 at 127.24
  • Bund futures are down -0.44 today at 174.24 with 10y Bund yields up 2.5bp at -0.359% and Schatz yields up 2.3bp at -0.688%.
  • BTP futures are down -0.05 today at 150.07 with 10y yields up 1.2bp at 0.918% and 2y yields up 3.7bp at -0.266%.
  • OAT futures are down -0.41 today at 166.18 with 10y yields up 2.4bp at -0.11% and 2y yields up 2.1bp at -0.673%.
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