MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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EUR Mini Wrap

CREDIT UPDATE
  • A quiet start to the day for credit with primary markets closed and little in the way of major corporate news flow. The earnings calendar is quieter too with just a handful of SXXP names reporting though some big names are there (e.g. Danske Bank, CaixaBank).
  • Main/XO have opened tighter, reversing yesterday’s move wider, and sit -1.2bp/4.5bp with Main moving below the 60bp level and compression between the two back below 265bps. YTD moves stand at just over +1bp/+13bp.
  • FICM shows €IG/€HY at +0.3bp/-3.6bp though swap spreads imply slightly better performance compared to govies. Financials are performing well within the €IG print with Sub Fins showing at -1bp. All HY sectors are in the green with Consumer Stables the biggest mover at -7.7bp though this is nearly entirely driven by the distressed Casino curve.
  • Bunds are 2-3bps cheaper at most benchmark maturities while gilts are underperforming by 1-2bps with the wider pullback from Thursday’s best levels in core global bond markets and an uptick in the latest UK Citi/YouGov inflation expectations metrics feeding in.
  • SXXP is +0.4% with smaller constituents outperforming and Autos continuing to beat the market at +1.7% with Mercedes posting strong results. Energy is the only sector in the red at -0.7% with Aramco’s abandonment of capacity expansion plans weighing on sentiment.
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