MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

HICP Steady As Expected; CPI Ticks Lower As State Data Indicated

MNI: GERMANY JUL CPI +2.2% Y/Y

German CPI / HICP due for release at 13:00BST / 14:00CET

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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EGBs-GILTS: Move Lower Continues

BOND SUMMARY

Downside in core FI has resumed Tuesday where it left off Monday, with the German and UK curves bear steepening (Gilts underperforming). Periphery spreads a little wider.

  • Safe havens weaker globally, with Treasuries leading the way. Bund next support comes in at 170.93.
  • Indeed, largely a risk-on session so far with European equities comfortably higher (DAX notably hitting an all-time high), and the pound and euro on the back foot.
  • Data highlights this morning are in CPI, with Spain reporting above-expected Mar prelim numbers, German states seeing strong acceleration as well so far w nat'l number up at 1300BST.
  • French Mar consumer confidence came in a little better than expected.
  • Italy sells 5/10Y BTP and 5Y CCTeu, total E8.5bn on offer. ECB's Centeno speaks at 1600BST.

Latest levels:

  • Jun Bund futures (RX) down 54 ticks at 171.08 (L: 171.04 / H: 171.56)
  • Jun Gilt futures (G) down 49 ticks at 127.61 (L: 127.56 / H: 127.76)
  • Jun BTP futures (IK) down 42 ticks at 149.08 (L: 149.07 / H: 149.36)
  • Italy / German 10-Yr spread 0.6bps wider at 96.3bps
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