MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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/GILTS

BOND SUMMARY

Markets have pivoted to a risk-off setting as fears over fresh local/national lockdowns in Europe has triggered equity selling.

  • Gilts have rallied with cash yields 1-3bp lower on the day and the curve bull flattening.
  • Bunds have marginally outperformed gilts, particularly at the longer end. The 2s30s spread is 2bp narrower.
  • OATs have similarly firmed. Last yields: 2-year -0.6586%, 5-year -0.6170%, 10-year -0.2429%, 30-year 0.4420%.
  • BTPs have sold off with cash yields 1-2bp higher on the day and slight underperformance at the short end.
  • Supply this morning came from Germany (Bubills, EUR6.33bn), the Netherlands (DTCs, EUR2.29bn), Belgium (OLOs, EUR2.0bn) and Slovakia (SlovGBs, EUR0.5bn).
  • Later today France will sell 3-6/-12-month BTFs for E4.7-5.9bn)
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