MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1305 THURS VS 7.1312

MNI NBP WATCH: Rates Held As 2024 Outlook Remains Hawkish

MNI BRIEF: ADP's Richardson Sees Pockets of Weakness in US Job Market

MNI: SWISS JUN UNEMPLOYMENT -0.9% M/M, +22.8% Y/Y

Australia May Exports +2.8%; Imports +3.9%

MNI:AUSTRALIA MAY TRADE BALANCE A$+5773

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 hold onto gains

EGB SUMMARY

EGBs hold onto gains in a more subdued afternoon session.

  • Bund have stayed better bid throughout the day, a continuation from this morning.
  • Volumes in Bund have been elevated the past 2 days, with the contract trading over 800k at the time of typing.
  • Semi core have lagged somewhat, but peripheral spread are still mixed, with Italy performing worst, albeit just 1.2bps wider, while Portugal trades 0.9bp tighter.
  • Month End has had very little impact given the tiny extension for Europe this month and the contract has also been helped by the better bid in US Treasury, with LARGE Month End ahead of a longer weekend for the UK.
  • Bund futures are up 0.32 today at 175.76 with 10y Bund yields down -0.7bp at -0.415% and Schatz yields down -0.6bp at -0.670%.
  • BTP futures are up 0.06 today at 146.92 with 10y yields up 0.5bp at 1.023% and 2y yields up 0.9bp at -0.106%.
  • OAT futures are up 0.15 today at 167.66 with 10y yields up 0.1bp at -0.115% and 2y yields down -0.7bp at -0.608%.
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