MNI BRIEF: BOI Sees "Modest" Q2 EZ Growth Driven By Services

MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

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

MNI: BAKER HUGHES US RIG COUNT 584; OIL RIGS 478; GAS RIGS 100

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.10B BSL

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

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 Friday 3-6bps tighter, initially opening tighter on a lack of hawkish offerings from the BoJ governor while slightly lower Euro area inflation expectations did little to reverse the bridge before another move tighter in the PM in line with USTs in the wake of dovishly-received US PCE. WoW bunds widened by 6-9bps.
  • Main/XO closed -2/-11bp to bring the WoW move to -5bp/-20bp compared to -6bp/-25 for CDX IG/HY. €IG/€HY closed flat/+1bp to give WoW moves of -4bp/-5bp with the short-end outperforming in €IG by ~1bp. Financials were the biggest WoW tightener at -5bp with all sectors now tighter MoM except Utilities (broadly flat on the month vs. -3bp for €IG).
  • SXXP closed +1.1% on Friday bringing the WoW move to +1.7% (in line with SPX). Chemicals and Autos were the only SXXP sectors in the red on the week at just over -2% and -1% each.
  • Asian equities are mixed but broadly higher with CSI 300 & HSI ~3% higher as the property sector surged after CIFI holdings announced an agreement with bondholders regarding offshore liquidity. Stoxx 50 futures are +1.6%. Up today:

GMT/Local

Impact

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  • Bunds ended Friday 3-6bps tighter, initially opening tighter on a lack of hawkish offerings from the BoJ governor while slightly lower Euro area inflation expectations did little to reverse the bridge before another move tighter in the PM in line with USTs in the wake of dovishly-received US PCE. WoW bunds widened by 6-9bps.
  • Main/XO closed -2/-11bp to bring the WoW move to -5bp/-20bp compared to -6bp/-25 for CDX IG/HY. €IG/€HY closed flat/+1bp to give WoW moves of -4bp/-5bp with the short-end outperforming in €IG by ~1bp. Financials were the biggest WoW tightener at -5bp with all sectors now tighter MoM except Utilities (broadly flat on the month vs. -3bp for €IG).
  • SXXP closed +1.1% on Friday bringing the WoW move to +1.7% (in line with SPX). Chemicals and Autos were the only SXXP sectors in the red on the week at just over -2% and -1% each.
  • Asian equities are mixed but broadly higher with CSI 300 & HSI ~3% higher as the property sector surged after CIFI holdings announced an agreement with bondholders regarding offshore liquidity. Stoxx 50 futures are +1.6%. Up today:

GMT/Local

Impact

Keep reading...Show less