MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI China Daily Summary: Monday, July 22

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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  • •2y/10y bunds closed +5bp/+3bp after widening into the close led by USTs – DM team flagged no obvious headline driver or block for the UST move, some desks cited incoming Treasury coupon supply (2s, 5s, 7s and 2Y FRN) or possibly some hedging of election risk.
  • •Main/XO ended -1.4bp/-5bp at 52.9bp/292bp while €IG/€HY was -0.3bp/-3bp with markets closed and Energy outperforming slightly in IG at -0.9bp.
  • •SXXP ended -0.2% with T&L holding onto earlier losses at -3.8% while SPX was +0.4%. Notable €IG movers included Rentokil +8%, PostNL +7%, Ryanair -17%, Easyjet -7%, Verizon -6%.
  • •Stoxx 50 futures are +0.1% while SPX futures are -0.2%. DM team flagged a quiet overnight session though noted headlines crossed that Kamala Harris has secured enough delegates to be the Democrat nominee for President. US Treasury futures have edged higher throughout the session, with the long-end slightly out-performing. Looking ahead, another quiet day with only the ECB’s Lane speaking and US July Philly & Richmond Fed indices, and June existing home sales released.

GMT/Local

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  • •2y/10y bunds closed +5bp/+3bp after widening into the close led by USTs – DM team flagged no obvious headline driver or block for the UST move, some desks cited incoming Treasury coupon supply (2s, 5s, 7s and 2Y FRN) or possibly some hedging of election risk.
  • •Main/XO ended -1.4bp/-5bp at 52.9bp/292bp while €IG/€HY was -0.3bp/-3bp with markets closed and Energy outperforming slightly in IG at -0.9bp.
  • •SXXP ended -0.2% with T&L holding onto earlier losses at -3.8% while SPX was +0.4%. Notable €IG movers included Rentokil +8%, PostNL +7%, Ryanair -17%, Easyjet -7%, Verizon -6%.
  • •Stoxx 50 futures are +0.1% while SPX futures are -0.2%. DM team flagged a quiet overnight session though noted headlines crossed that Kamala Harris has secured enough delegates to be the Democrat nominee for President. US Treasury futures have edged higher throughout the session, with the long-end slightly out-performing. Looking ahead, another quiet day with only the ECB’s Lane speaking and US July Philly & Richmond Fed indices, and June existing home sales released.

GMT/Local

Keep reading...Show less