MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

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

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on 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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  • Bunds closed 7-9bps tighter across the curve after fallout from the softer-than-expected US CPI print helps keep core/semi-core EGBs underpinned and ECB VP de Guindos re-iterated the Bank’s cautious stance at the afternoon’s MNI event, highlighting that “the risks that could derail the disinflation process are clear”. USTs have given back some of yesterday’s gains after Powell stated the "economic outlook is uncertain" while the Fed remains "highly attentive to inflation risks”.
  • Main/XO closed -2bp/-9bp back below 53bp/294bp while €IG/€HY ended flat/+2bp to give WoW moves of +2bp/+10bp. IG fins outperformed while Energy lagged while Tech is the only sector tighter WoW.
  • SXXP was +1.1% compared to +0.9% for SPX with MoM underperformance now standing at +3.4%. Notable €IG movers include Rentokil +14%, Oracle +13.3%, Whirlpool +6%, National Bank of Canada -6%.
  • Asian equity markets are mostly higher, although China markets continue to lag more positive global trends. SX5E futures are +1.2%. Up today:

GMT/Local

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  • Bunds closed 7-9bps tighter across the curve after fallout from the softer-than-expected US CPI print helps keep core/semi-core EGBs underpinned and ECB VP de Guindos re-iterated the Bank’s cautious stance at the afternoon’s MNI event, highlighting that “the risks that could derail the disinflation process are clear”. USTs have given back some of yesterday’s gains after Powell stated the "economic outlook is uncertain" while the Fed remains "highly attentive to inflation risks”.
  • Main/XO closed -2bp/-9bp back below 53bp/294bp while €IG/€HY ended flat/+2bp to give WoW moves of +2bp/+10bp. IG fins outperformed while Energy lagged while Tech is the only sector tighter WoW.
  • SXXP was +1.1% compared to +0.9% for SPX with MoM underperformance now standing at +3.4%. Notable €IG movers include Rentokil +14%, Oracle +13.3%, Whirlpool +6%, National Bank of Canada -6%.
  • Asian equity markets are mostly higher, although China markets continue to lag more positive global trends. SX5E futures are +1.2%. Up today:

GMT/Local

Keep reading...Show less