MNI China Daily Summary: Wednesday, October 16

MNI: ITALY FINAL HICP +1.2% M/M, +0.7%Y/Y

MNI BRIEF: BOJ's Adachi Sees Conditions For Normalisation

MNI: PBOC Net Injects CNY581.4 Bln via OMO Wednesday

CHINA PBOC CONDUCTS CNY642.4 BLN VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1191 Weds; +2.66% Y/Y

US MBA: REFIS -26% SA; PURCH INDEX -7% SA THRU OCT 11 WK

MNI: US MBA: MARKET COMPOSITE -17.0% SA THRU OCT 11 WK

MNI: UK SEP OUTPUT PPI -0.5% M/M, -0.7% Y/Y

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

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EGBS: Stronger Following UK CPI, European Equity Pullback

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

EGBs have taken cues from Gilts and European equities this morning, with today’s regional macro calendar limited. 

  • Lower-than-expected UK CPI drove the initial bid in Bund futures, while European stocks remain under pressure following yesterday’s weaker-than-expected LVMH and ASML earnings.
  • Bund futures are +25 at 134.00, a little above the first resistance at the 20-day EMA. A clear break of this average is required to counter a bearish technical theme.
  • 10-year peripheral spreads to Bunds have narrowed away from opening wides, with the BTP/Bund spread now little changed at 124bps (the spread closed at its tightest since mid-March yesterday at 123.5bps).
  • Italian Finance Minister Giorgetti is currently delivering a press conference on the 2025 budget, which was approved by the Cabinet last night.
  • 30-year Bund supply is due at 1030BST/1130CET.
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EGBs have taken cues from Gilts and European equities this morning, with today’s regional macro calendar limited. 

  • Lower-than-expected UK CPI drove the initial bid in Bund futures, while European stocks remain under pressure following yesterday’s weaker-than-expected LVMH and ASML earnings.
  • Bund futures are +25 at 134.00, a little above the first resistance at the 20-day EMA. A clear break of this average is required to counter a bearish technical theme.
  • 10-year peripheral spreads to Bunds have narrowed away from opening wides, with the BTP/Bund spread now little changed at 124bps (the spread closed at its tightest since mid-March yesterday at 123.5bps).
  • Italian Finance Minister Giorgetti is currently delivering a press conference on the 2025 budget, which was approved by the Cabinet last night.
  • 30-year Bund supply is due at 1030BST/1130CET.