MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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  • Key headlines this morning include a WSJ story indicating capital hike rules for banks being softened by regulators, alongside the death of Iranian President Raisi, seen by some as a likely next Supreme Leader.
  • Bundswere +5-6bps on Friday, grinding steadily wider from the open in the wake of overnight comments from Schnabel who told Nikkei that a July cut was unlikely based on current data. WoW moves stand between -1bp to +2bp at most maturities.
  • Main/XO were flat with WoW moves standing at -2bp/-10bp while €IG/€HY were -1bp/-6bp on a day of zero supply to give WoW moves of flat/-4bp with financials the only sector tighter on the week and +10yr spreads underperforming by ~2bp.
  • SXXP was flat on Friday and +1.2% on the week compared to +1.7% for SPX. €IG movers on the week included Commerzbank +10%, Vonovia +8%, Merck KGAA +8%, Brenntag -10%, Siemens -8%.
  • Asian govvies are marginally cheaper this morning and US Treasury futures little changed. Asian equity markets are higher today, boosted by China property market and US equities climbing to fresh highs on Friday thanks to strong earnings. The MSCI Asia Pacific is on track for its seventh straight day of gains and is currently up about 0.70%, with mining stocks rallying on strong commodity prices.
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  • Key headlines this morning include a WSJ story indicating capital hike rules for banks being softened by regulators, alongside the death of Iranian President Raisi, seen by some as a likely next Supreme Leader.
  • Bundswere +5-6bps on Friday, grinding steadily wider from the open in the wake of overnight comments from Schnabel who told Nikkei that a July cut was unlikely based on current data. WoW moves stand between -1bp to +2bp at most maturities.
  • Main/XO were flat with WoW moves standing at -2bp/-10bp while €IG/€HY were -1bp/-6bp on a day of zero supply to give WoW moves of flat/-4bp with financials the only sector tighter on the week and +10yr spreads underperforming by ~2bp.
  • SXXP was flat on Friday and +1.2% on the week compared to +1.7% for SPX. €IG movers on the week included Commerzbank +10%, Vonovia +8%, Merck KGAA +8%, Brenntag -10%, Siemens -8%.
  • Asian govvies are marginally cheaper this morning and US Treasury futures little changed. Asian equity markets are higher today, boosted by China property market and US equities climbing to fresh highs on Friday thanks to strong earnings. The MSCI Asia Pacific is on track for its seventh straight day of gains and is currently up about 0.70%, with mining stocks rallying on strong commodity prices.