MNI China Daily Summary: Wednesday, June 19

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

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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: UK Inflation Hits 30-Year High

BOND SUMMARY

European government bonds have rallied this morning while Europe ex UK stocks have broadly sold off.

  • UK inflation touched a new high of 6.2% Y/Y in February, pushing above the 6.0% consensus forecast and now running at the fastest pace in 30 years.
  • Pressure mounts on the BoE, which last week indicated that higher near-term inflation was expected, and UK Chancellor of the Exchequer Rishi Sunak who faces growing calls to provide some fiscal relief in his Spring statement.
  • The gilt curve has bull steepened. Yields are down 1-4bp with the curve 3bp steeper.
  • Bunds rallied early into the session before giving back most of the gains. Cash yields are now within 1bp below yesterday's closing levels.
  • OATs have traded out a similar path with the curve close to flat on the day.
  • The belly of the BTP curve has underperformed and the short and long end. Cash yields are down 1-3bp.
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