MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

June CPI Below Market Expectations, Headline Y/Y At 2.4%

MNI: UK JUN BRC SHOP PRICES -0.2% M/M, +0.2% Y/Y

Multivariate Core Trend Inflation Falls To Post-2020 Low

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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  • Bunds are +3-5bps after Eurozone May flash headline HICP printed a tenth above consensus while core inflation came in 2 tenths above with our DM team flagging the hawkish move in ECB-dated OIS pricing; ~57bps of cuts priced for the year, around 4bp less than yesterday.
  • Main/XO are flat while FICM shows €IG/€HY at flat/-3bp though we see moves around 1bp tighter again vs. govies. Performance broad-based. Primary closed.
  • IG curve movers include CPI (25-50bps wider, downgraded by Moody’s), Mobico (31s +5bp), Aareal (up to 7bp tighter), DPP (up to 9bp tighter), Balder up to 7bp tighter.
  • SXXP is flat. Notable €IG movers include Tauron Polska +5%, National Grid +4%, Capgemini -5%, Flutter -5%.
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  • Bunds are +3-5bps after Eurozone May flash headline HICP printed a tenth above consensus while core inflation came in 2 tenths above with our DM team flagging the hawkish move in ECB-dated OIS pricing; ~57bps of cuts priced for the year, around 4bp less than yesterday.
  • Main/XO are flat while FICM shows €IG/€HY at flat/-3bp though we see moves around 1bp tighter again vs. govies. Performance broad-based. Primary closed.
  • IG curve movers include CPI (25-50bps wider, downgraded by Moody’s), Mobico (31s +5bp), Aareal (up to 7bp tighter), DPP (up to 9bp tighter), Balder up to 7bp tighter.
  • SXXP is flat. Notable €IG movers include Tauron Polska +5%, National Grid +4%, Capgemini -5%, Flutter -5%.