MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

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

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

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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EGBs-GILTS CASH CLOSE: Pullback Continues

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Friday's trade closely mirrored the prior session's, with initial gains fading steadily over the rest of the day.

  • ECB's Schnabel catalysed a bearish tone for core FI with her comment reported overnight that a July rate cut looked unlikely based on data to this point.
  • Otherwise the main theme was a continued reconsideration of Wednesday's seemingly dovish US inflation and retail sales data, with both Bund and Gilt yields having now risen back above levels just prior to those releases. 2024 ECB / BoE implied cut pricings were pared by around 3bp apiece on the day.
  • The calendar was limited in terms of speakers and data - final April Eurozone HICP was in line, with the ECB's calculated underlying inflation measures showing moderation.
  • The German curve bear flattened, with the UK's bear steepening.
  • Periphery EGB spreads tightened a touch, with Portugal (Moody's) and Spain (Fitch) due for ratings reviews after the close.
  • Next week's calendar includes UK CPI data and an appearance by BoE's Bailey, along with flash May PMIs.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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Friday's trade closely mirrored the prior session's, with initial gains fading steadily over the rest of the day.

  • ECB's Schnabel catalysed a bearish tone for core FI with her comment reported overnight that a July rate cut looked unlikely based on data to this point.
  • Otherwise the main theme was a continued reconsideration of Wednesday's seemingly dovish US inflation and retail sales data, with both Bund and Gilt yields having now risen back above levels just prior to those releases. 2024 ECB / BoE implied cut pricings were pared by around 3bp apiece on the day.
  • The calendar was limited in terms of speakers and data - final April Eurozone HICP was in line, with the ECB's calculated underlying inflation measures showing moderation.
  • The German curve bear flattened, with the UK's bear steepening.
  • Periphery EGB spreads tightened a touch, with Portugal (Moody's) and Spain (Fitch) due for ratings reviews after the close.
  • Next week's calendar includes UK CPI data and an appearance by BoE's Bailey, along with flash May PMIs.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less