MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

CHINA PBOC CONDUCTS CNY1.17 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1376 FRI VS 7.1323

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: China Steel Market To Remain Subdued In August

Australia Jun New Loan Commitments +1.3% For Housing

More Detail On Today's CPI, BoK Likely On Hold Later In August

CPI Steady - Temporary Factors Driving For Now

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

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EUR Market Wrap

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  • 2y/10y bunds closed -8bp/-6bp as the BoE delivered a rate cut and data spurred concern over slowing growth; German unemployment unexpectedly ticked higher, while US initial jobless claims pushed higher and the ISM Manufacturing report was weaker than expected, particularly in the employment component - all of which is in increased focus ahead of Friday's US payrolls report.
  • Main/XO were +4.1bp/+16bp at 58.8bp/310bp while €IG/€HY closed +1bp/+9bp with 3-5yr spreads underperforming at +2bp while IG Fins and Cons Cycs were close to +2.5bp. Primary was kept open by the EUR 1bn 12NC7 from Caixa which tightened 30bps to give a NIC of 5bps.
  • SXXP was -1.2% with RE and Retail eeking out gains of +1% and +1.5% while SPX futures was -1.4%. Notable €IG movers included Air Products & Chemicals +9%, Rolls Royce +7%, Smith & Nephew +7%, Kellanova +7%, Worldline -15%, Syensqo -10%, Socgen -9%, Toyota -8%, SES -8%.
  • SX5E futures are -1.1% while SPX futures are -0.9%. Looking ahead we have the US NFP print as the main focus point. BOE speak is also due.


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  • 2y/10y bunds closed -8bp/-6bp as the BoE delivered a rate cut and data spurred concern over slowing growth; German unemployment unexpectedly ticked higher, while US initial jobless claims pushed higher and the ISM Manufacturing report was weaker than expected, particularly in the employment component - all of which is in increased focus ahead of Friday's US payrolls report.
  • Main/XO were +4.1bp/+16bp at 58.8bp/310bp while €IG/€HY closed +1bp/+9bp with 3-5yr spreads underperforming at +2bp while IG Fins and Cons Cycs were close to +2.5bp. Primary was kept open by the EUR 1bn 12NC7 from Caixa which tightened 30bps to give a NIC of 5bps.
  • SXXP was -1.2% with RE and Retail eeking out gains of +1% and +1.5% while SPX futures was -1.4%. Notable €IG movers included Air Products & Chemicals +9%, Rolls Royce +7%, Smith & Nephew +7%, Kellanova +7%, Worldline -15%, Syensqo -10%, Socgen -9%, Toyota -8%, SES -8%.
  • SX5E futures are -1.1% while SPX futures are -0.9%. Looking ahead we have the US NFP print as the main focus point. BOE speak is also due.


Keep reading...Show less