MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

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CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

US MBA: REFIS +15% SA; PURCH INDEX -3% SA THRU JULY 12 WK

MNI: US MBA: MARKET COMPOSITE +3.9% SA THRU JUL 12 WK

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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CREDIT UPDATE
  • Low vol session to start the week with €IG relatively flat. RE name Heimstaden (BBB-, BBB-; Neg) is continuing to lead widening in the index (+27-42bps) but still well tight from levels earlier this year. Strongest performer was Prosus (Baa3 Pos, BBB S) (-6-13 tighter) - seems news agnostic to us noting it is coming in from wide levels.
  • £IG is pointing to a skew wider, led by Gatwick (+5-7) on 16y mandate. Broad based +1-2bp widening outside it.* Belly bunds end +5.5bps higher, no local data to drive the move and only marks a reversal of Friday's rally.
  • Low vol in €IG equities ending +0.1% (SXXP unch) only sector on move was energy (+1%) helped up by a +4% gain in Neste. iTraxx pointing to a -0.5/-5bp close tighter.
  • S&P is trading sideways (-0.2%) & similar story in $IG that's struggling to give direction.
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