MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

MNI: BANK OF KOREA KEEPS POLICY RATE AT 3.50%: PRESS

Asia Sovs Steady Ahead Of US CPI, PH Defense Spending To Increase

Japan May Machine Orders -3.2% M/M

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

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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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 1.5-3.5bps richer across the curve – DM team flagged UK CPI and German PPI as providing the initial bid, which has developed a little further since the gilt open while Lagarde’s speech at the ECB conference hasn’t moved the market much.
  • Main/XO (old series, noting the roll) are -0.8bp/-3.7bp while FICM is showing €IG/€HY cash at +0.3bp/+1.3bp with only Energy and Tech marginally in the green in €IG with Sub Fins underperforming slightly at +1bp.
  • Curve movers include Deutsche Pfandbriefbank (up to 9bps wider, no news), KBC (up to 5bps wider, in the market today), Kering (up to +8bps on Gucci warning), Getlink (up to -5bps like yesterday, no news), Emirates Telekom (curve +3bps, no news), VF Corp (curve +3bps, no news), Raiffeisen
  • SXXP is flat with consumer products underperforming on the Kering new while Chemicals are +0.9%. Notable movers; Johnson Matthey +8% on sale of medical device business, Kering -13% on their Gucci warning, SEB -7% (ex-div).
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