MNI BRIEF: China Q2 GDP Impacted By Bad Weather - NBS

MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

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CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

Q2 GDP Below Expectations, Consumer Side Still Appears Soft

CHINA JUN INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.0% Y/Y: NBS

CHINA Q2 2024 REAL GDP +4.7% Y/Y VS MEDIAN +5.0% Y/Y: NBS

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

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EUR Market Wrap

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  • Bunds ended +4-5bps across much of the curve, continuing yesterday’s sell-off after following USTs lower on firmer-than-expected PCE readings which dominated discussions, with soft headline GDP and lower-than-expected weekly jobless claims data also noted.
  • Main/XO closed flat/+4bp while €IG/€HY was flat/+4bp with 1-3yr spreads the only €IG segment tighter and Energy/Utilities the only sectors – Energy is the best WoW/MoM performer and is now withing 1bp of Financials on 3m performance (-25bp and -26bp over 3m vs. -20bp for €IG).
  • SXXP closed -0.6%, bringing the MoM move to -1.4%. €IG movers in the European session included Anglo American +16%, Banco de Sabadell +9%, Alfa Laval +8%, Harley Davidson -17%, Neste Oyj -13%, Whirlpool -12%.
  • Asian equities are broadly higher with Nikkei, HIS, CSI all up over 1% despite SPX closing -0.5%, following global markets higher after US Tech giants Alphabet and Microsoft reported strong earnings. SX5E futures are +0.7%. Up today:

GMT/Local

Impact

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  • Bunds ended +4-5bps across much of the curve, continuing yesterday’s sell-off after following USTs lower on firmer-than-expected PCE readings which dominated discussions, with soft headline GDP and lower-than-expected weekly jobless claims data also noted.
  • Main/XO closed flat/+4bp while €IG/€HY was flat/+4bp with 1-3yr spreads the only €IG segment tighter and Energy/Utilities the only sectors – Energy is the best WoW/MoM performer and is now withing 1bp of Financials on 3m performance (-25bp and -26bp over 3m vs. -20bp for €IG).
  • SXXP closed -0.6%, bringing the MoM move to -1.4%. €IG movers in the European session included Anglo American +16%, Banco de Sabadell +9%, Alfa Laval +8%, Harley Davidson -17%, Neste Oyj -13%, Whirlpool -12%.
  • Asian equities are broadly higher with Nikkei, HIS, CSI all up over 1% despite SPX closing -0.5%, following global markets higher after US Tech giants Alphabet and Microsoft reported strong earnings. SX5E futures are +0.7%. Up today:

GMT/Local

Impact

Keep reading...Show less