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MNI China Daily Summary: Friday, June 28

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CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

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  • €IG not giving much direction in a low vol session. Tightening led again by Thames (-2-20) & Balder (-2-7), widening by CPI (unch to +5) & VFC (-2 to +5). IMGRP28s the mover in HY, another -4pts at €69 & continuing a post earnings slide, S&P moving to B Neg this afternoon.
  • Bunds end +2bps in the belly on dovish tinge to revisions to Q1 core PCE & personal consumption. Prints in focus this week come tomorrow; Eurozone May CPI (10am London) & US April core PCE (1:30pm London).
  • €IG equities end +0.6%, RE (+1.2%) & comm services (+1.1%) leading gains, single name moves in IG were form Dell (-7%) & Pirelli (-4.4%). Strong moves in HY from Intrum (+18%) & Illimity (+9%).
  • €IG primary was closed today, €HY saw single B names Bertrand & Bite price. 6 issues in $IG, no clear direction there, SPX down on a drag from Tech and not helped by -21% fall from Salesforce on guidance miss.
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  • €IG not giving much direction in a low vol session. Tightening led again by Thames (-2-20) & Balder (-2-7), widening by CPI (unch to +5) & VFC (-2 to +5). IMGRP28s the mover in HY, another -4pts at €69 & continuing a post earnings slide, S&P moving to B Neg this afternoon.
  • Bunds end +2bps in the belly on dovish tinge to revisions to Q1 core PCE & personal consumption. Prints in focus this week come tomorrow; Eurozone May CPI (10am London) & US April core PCE (1:30pm London).
  • €IG equities end +0.6%, RE (+1.2%) & comm services (+1.1%) leading gains, single name moves in IG were form Dell (-7%) & Pirelli (-4.4%). Strong moves in HY from Intrum (+18%) & Illimity (+9%).
  • €IG primary was closed today, €HY saw single B names Bertrand & Bite price. 6 issues in $IG, no clear direction there, SPX down on a drag from Tech and not helped by -21% fall from Salesforce on guidance miss.