MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

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

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

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

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EGBs-GILTS CASH CLOSE: U.S. Jobs Disappointment Sets Bullish Tone

BONDS

The event of the day Friday was inevitably going to be U.S. nonfarm payrolls, and it indeed proved the session's biggest catalyst as a weaker-than-expected report led to a bull flattening rally in Bunds and Gilts.

  • Periphery spreads closed a little wider, with Greece and Portugal underperforming (the latter on 6-/10-Yr supply announcement).
  • There was no key data or bond supply, and the only central bank speakers (ECB's Lagarde and Villeroy) spoke on climate change.
  • The key ratings review this evening is Fitch on Italy, but no change in outlook/rating is expected, and Italian spreads were little changed today.
  • Attention swiftly turns to next Thursday's ECB decision.

Closing German/UK Yields And 10-Yr Spreads To Germany

  • Germany: The 2-Yr yield is down 0.3bps at -0.671%, 5-Yr is down 1.9bps at -0.598%, 10-Yr is down 3bps at -0.213%, and 30-Yr is down 2.8bps at 0.351%.
  • UK: The 2-Yr yield is down 1.8bps at 0.069%, 5-Yr is down 3.5bps at 0.336%, 10-Yr is down 5.1bps at 0.79%, and 30-Yr is down 4.5bps at 1.326%.
  • Italian BTP spread up 0.5bps at 108.6bps / Spanish spread up 1.2bps at 66.5bps
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