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CANADA FLASH Q2 GDP ANNUALIZED +2.2%

MNI China Daily Summary: Wednesday, July 31

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 433.0M JUL 26 WK

MNI: US NAR JUN PENDING HOME SALES INDEX 74.3 V 70.9 IN MAY

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

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Failing to Hold on to Positive Momentum

GILT SUMMARY
  • Gilts failed to hold on to their positive momentum today and traded through yesterday's lows (although remain well ahead of Wednesday's lows).
  • Decent US labour market data has helped core fixed income sell-off globally, although gilts have seen less of a move than Treasuries or EGB peripheral bonds. At the time of writing equities (particularly in the US) had moved to the backfoot and gilts had started to move higher
  • The highlight of an otherwise quiet day on the domestic front was a speech from BOE MPC member Saunders who said that he considered it "quite likely that additional monetary easing will be appropriate"
  • Gilt futures are down -0.28 today at 135.74 with 10y yields up 1.4bp at 0.249% and 2y yields up 1.0bp at -0.91%.
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