MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

US Treasury Auction Calendar

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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Flat Start For SONIA Futures, Budget Eyed

STIR

SONIA futures are +0.5 to -1.0 through the blues, operating on low volume pre-gilt open.

  • BoE-dated OIS is little changed to a touch firmer across ’24 contracts, showing 62.5bp of ’24 cuts.
  • Fiscal speculation continues to do the rounds ahead of today’s Budget.
  • The base case looks for a 2ppt cut to national income, while POLITICO reports have suggested that one Minister believes that there will be a 1ppt income tax cut (we assign a relatively low probability to the latter).
  • Meanwhile, other reports have suggested that an income tax cut could come later in the year and will feature in the Conservative Party’s election manifesto.
  • Our full Budget preview can be found here.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.205+1.6
May-245.174-1.4
Jun-245.094-9.4
Aug-244.957-23.2
Sep-244.840-34.9
Nov-244.684-50.4
Dec-244.561-62.7
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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