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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  • 2y/10y bunds are +1bp/flat after UK retail sales were much softer than expected, but the market impact was limited while German Q1 GDP confirmed flash estimates at 0.2% Q/Q and comments from ECB’s Schnabel added little new to the debate.
  • Main/XO are flat/+1bp while FICM shows €IG/€HY at flat/+1bp with swap spreads implying similar moves vs. govies. Primary closed.
  • IG curve movers include Thames Water (up to 18bp wider), Verallia (5-6bp wider on S&P outlook change), Acciona (5-6bps wider on guidance cut).
  • SXXP is -0.5% with Autos and Retail the only sectors in the green. SPX futures +0.3%. Main €IG mover is Acciona -9%.
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  • 2y/10y bunds are +1bp/flat after UK retail sales were much softer than expected, but the market impact was limited while German Q1 GDP confirmed flash estimates at 0.2% Q/Q and comments from ECB’s Schnabel added little new to the debate.
  • Main/XO are flat/+1bp while FICM shows €IG/€HY at flat/+1bp with swap spreads implying similar moves vs. govies. Primary closed.
  • IG curve movers include Thames Water (up to 18bp wider), Verallia (5-6bp wider on S&P outlook change), Acciona (5-6bps wider on guidance cut).
  • SXXP is -0.5% with Autos and Retail the only sectors in the green. SPX futures +0.3%. Main €IG mover is Acciona -9%.