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: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

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: 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: Repricing Policy Rates

BOND SUMMARY

European government bonds have sold off this morning with EGBs leading the way following yesterday''s hawkish ECB shift.

  • Although there were no new policy innovations at the February meeting, President Lagarde indicated that hte GC were unanimous in their concern over inflation surprises, that inflation had shifted to the upside and that the ECB would make on assessment on inflation in March.
  • The ECBs Peter Kazimir stated earlier today that inflation will stay elevated for longer than expected, while Gediminas Simkus suggested that an inflationary peak is close.
  • The bund curve has bear flattened with the 2s30s spread widening 8bp.
  • The OAT curve has twist flattened with the 2s30s spread widening 9bp.
  • BTPs have sold off across the curve, led by the short end where yields are now 11-13bp higher on the day.
  • Pressure continues to mount on UK PM Boris Johnson with reports of another adviser quitting.
  • The gilt curve has flattened on the back of the short end selling off and the long end firming. 2s10s has traded down 4bp and 2s30s 6bp.
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