MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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EGBs are trading a little stronger......>

EGB SUMMARY
EGB SUMMARY: EGBs are trading a little stronger across the board, with weak PMI
data suggesting downside risks to Eurozone growth.
- With the Oct EMU flash PMI declining to a 25-month low of 52.7 in Oct from
54.1 in Sep, with particular weakness seen in Germany and forward looking
indicators likewise poor, Bunds hit session highs though have faded since. 
- The Dec 18 Bund future is up 18 ticks at 159.97, high of 160.19.
- Bobl auction today was technically uncovered (0.99x real cover), first time
for 5-Yr since July, though tail was small (1c).
- BTPs have stabilised, with the Dec18 future up 25 ticks at 120.38, also off
highs (120.64 today). 10-Yr spread/Bunds down 4.1bps at 314.3bps, a move in line
with other periphery EGBs.
- OATs are outperforming Bunds, particularly in the belly; 5-Yr OAT yield down
1.3bps at 0.127%, vs Bobl down 0.7bps at -0.1759%.
- Euribor futures are higher across the strip, Greens/Blues up 2.0-2.5 ticks.
- We have compiled an ECB preview including Sell-Side analysts` takes - for PDF
contact us.
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