MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

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

US EIA:NAT GAS STORAGE +65 BCF TO 3,199 BCF JUL 05 WK

Core Goods Above-Expected, But Headline Weakest Since Pandemic(2/2)

CPI Miss Driven By Comprehensively Slower Services Inflation (1/2)

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
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  • Bunds are flat to 2bp wider after the April ECB consumer 3-year inflation expectations were revised a tenth lower to 2.4%, but this was not a market mover while the ECB’s Centeno and Knot are still scheduled to speak today.
  • Main/XO are -1bp/-3bp with respective levels now below 51bp/286bp while FICM shows €IG/€HY as flat/-4.5bp though we see moves around a half a bp tighter against govies. Performance looks well dispersed across sectors.
  • Primary is relatively quiet with supply tilted towards Financials; Commonwealth Bank of Aus (T2), AXA SA (SUN), Pop. Sondrio (SP) along with two covereds from Sabadell and CFF and just one corp in the market as Linde (3x SUN).
  • IG curve movers include Thames (up by another 20bps on some lines), Heimstaden Bostad (up to 13bps tighter), Rolls Royce (3-6bp wider).
  • SXXP is flat with T&L and Real Estate -1.2% and +1.2%. SPX futures are +0.3%. Notable €IG movers include Intermediate Capital Group +4%, Tritax Eurobox +4%, Flutter -4%.
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  • Bunds are flat to 2bp wider after the April ECB consumer 3-year inflation expectations were revised a tenth lower to 2.4%, but this was not a market mover while the ECB’s Centeno and Knot are still scheduled to speak today.
  • Main/XO are -1bp/-3bp with respective levels now below 51bp/286bp while FICM shows €IG/€HY as flat/-4.5bp though we see moves around a half a bp tighter against govies. Performance looks well dispersed across sectors.
  • Primary is relatively quiet with supply tilted towards Financials; Commonwealth Bank of Aus (T2), AXA SA (SUN), Pop. Sondrio (SP) along with two covereds from Sabadell and CFF and just one corp in the market as Linde (3x SUN).
  • IG curve movers include Thames (up by another 20bps on some lines), Heimstaden Bostad (up to 13bps tighter), Rolls Royce (3-6bp wider).
  • SXXP is flat with T&L and Real Estate -1.2% and +1.2%. SPX futures are +0.3%. Notable €IG movers include Intermediate Capital Group +4%, Tritax Eurobox +4%, Flutter -4%.