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MNI China Daily Summary: Friday, June 28

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MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

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

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  • 2y/10y bunds closed -3bp/-4bp after the Spanish flash HICP was a tenth above consensus and EC’s Economic Confidence reading was broadly in line while EZ unemployment reached an all-time low of 6.4. US data provided a modest bid but didn’t move the needle hugely.
  • Main/XO closed -0.4bp/-2bp while €IG/€HY closed flat/-1.5bp. Energy was the only IG sector wider while Tech and Basic Ind outperformed marginally. Primary closed.
  • SXXP ended +0.6% with Energy and Tech the only sectors lower. €IG movers included Whirlpool +6%, Worldline +6%, Warner Bros +6%, RBC +5%, Acciona +5%, SAP -5%, Oracle -5%, VW -5%, Dell -5%, Pirelli -5%.
  • Asian equities are broadly higher as the latest round of US data signalled momentum is slowing, boosting the case for Fed cuts. Stoxx 50 futures are flat. Up today:

GMT/Local

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  • 2y/10y bunds closed -3bp/-4bp after the Spanish flash HICP was a tenth above consensus and EC’s Economic Confidence reading was broadly in line while EZ unemployment reached an all-time low of 6.4. US data provided a modest bid but didn’t move the needle hugely.
  • Main/XO closed -0.4bp/-2bp while €IG/€HY closed flat/-1.5bp. Energy was the only IG sector wider while Tech and Basic Ind outperformed marginally. Primary closed.
  • SXXP ended +0.6% with Energy and Tech the only sectors lower. €IG movers included Whirlpool +6%, Worldline +6%, Warner Bros +6%, RBC +5%, Acciona +5%, SAP -5%, Oracle -5%, VW -5%, Dell -5%, Pirelli -5%.
  • Asian equities are broadly higher as the latest round of US data signalled momentum is slowing, boosting the case for Fed cuts. Stoxx 50 futures are flat. Up today:

GMT/Local

Keep reading...Show less