MNI China Daily Summary: Thursday, June 20

NORGES BANK HEAD: EITHER HIKE OR EARLIER CUT POSSIBLE

NORGES BANK HEAD SEES POLICY RATE AT 4.5% TO END YEAR

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

MNI: PBOC Sets Yuan Parity Higher At 7.1192 Thu; -1.93% Y/Y

IFO Upwardly Revises 2024 Growth Forecast by 0.2pp to +0.4% Y/Y

NOK Little Changed Ahead of Norges Bank; Hold In Rates Expected

Intermediate Goods Deflation Continues to Fade in May PPI

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: UK Short End Yields Fall Hard Despite High CPI

BONDS

Global FI rallied in the European afternoon Wednesday, despite strong US retail sales and industrial production data.

  • There was a little more attention on geopolitics once again (renewed concerns that Russia-Ukraine was not de-escalating) and the sense that plenty of central bank hawkishness is already priced in.
  • On that note, UK short end yields collapsed over the session alongside a rate strip rally. This was despite a higher-than-expected UK CPI reading and suggests that BoE hikes were richly priced.
  • GGBs didn't move on a BBG story that the ECB was working on a plan to extend their refinancing collateral status through 2024 - appeared priced in already.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 1.7bps at -0.364%, 5-Yr is down 1.3bps at 0.042%, 10-Yr is down 3.2bps at 0.276%, and 30-Yr is down 1.6bps at 0.535%.
  • UK: The 2-Yr yield is down 13bps at 1.407%, 5-Yr is down 10.8bps at 1.418%, 10-Yr is down 5.8bps at 1.524%, and 30-Yr is down 2.1bps at 1.588%.
  • Italian BTP spread down 1.5bps at 163.4bps / Spanish down 0.2bps at 99.6bps
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