MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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

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  • Bunds ended ~2bp cheaper after European and UK PMIs printed firmer-than-expected for services and softer-than-expected for manufacturing, resulting in firmer-than-expected composite outcomes. The afternoon session saw yields moved higher on a modestly hawkish reaction to the BOE’s Pill’s speech before paring this move on the softer-than-expected US PMI data.
  • Main/XO closed -3bp/-12bp bringing MoM moves to flat/+11bp. €IG/€HY cash closed -2bp/-5bp. Performance was pretty even across the €IG curve – 1-3yr spreads are now -30bp YTD vs. -16bp for +10yr. Capital Goods underperformed at -1bp, now the worst WoW performer at -3bp (€IG is -6bp).
  • SXXP was +1.1% with Basic Resources again lagging at -1.1% to sit as the only sub-index lower YTD at -1.6% (vs. +2.1% for SXXP). €IG movers in the EUR session included SCR Sibelco +9%, Sartorius +7%, Akzo, -7%, Aroundtown +5%, Brambles -6%.
  • Asian equities are higher with the Nikkei & HSI up over 2% but AEX and CSI flat – sentiment seems buoyed by a rally in US tech following from strong earnings from the likes of Texas Instruments and Tesla (missed but traded higher on product timelines) which saw SPX close +1.2%. Stoxx 50 futures +0.5%. Up today we have:

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  • Bunds ended ~2bp cheaper after European and UK PMIs printed firmer-than-expected for services and softer-than-expected for manufacturing, resulting in firmer-than-expected composite outcomes. The afternoon session saw yields moved higher on a modestly hawkish reaction to the BOE’s Pill’s speech before paring this move on the softer-than-expected US PMI data.
  • Main/XO closed -3bp/-12bp bringing MoM moves to flat/+11bp. €IG/€HY cash closed -2bp/-5bp. Performance was pretty even across the €IG curve – 1-3yr spreads are now -30bp YTD vs. -16bp for +10yr. Capital Goods underperformed at -1bp, now the worst WoW performer at -3bp (€IG is -6bp).
  • SXXP was +1.1% with Basic Resources again lagging at -1.1% to sit as the only sub-index lower YTD at -1.6% (vs. +2.1% for SXXP). €IG movers in the EUR session included SCR Sibelco +9%, Sartorius +7%, Akzo, -7%, Aroundtown +5%, Brambles -6%.
  • Asian equities are higher with the Nikkei & HSI up over 2% but AEX and CSI flat – sentiment seems buoyed by a rally in US tech following from strong earnings from the likes of Texas Instruments and Tesla (missed but traded higher on product timelines) which saw SPX close +1.2%. Stoxx 50 futures +0.5%. Up today we have:

    • Date

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