MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI BRIEF: Text Of BOC Press Conference Opening Statement

BOC CUTS RATE TO 4.5% FROM 4.75%, MORE MAY BE JUSTIFIED

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

Services PMI Gains Continue To Diverge From Soft Manufacturing

MNI: US JUN NEW HOME SALES -0.6% TO 0.617M SAAR

MNI: US JUL FLASH MANUFACTURING PMI 49.5 (FCST 51.6); JUN 51.6

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

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Fund Flows

CREDIT MACRO
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  • Broad based inflows hitting everyone; €/$/£ IG & HY with particular strength in $. US led equity inflows & govvie inflows across both regions continued.
  • Credit macro is dwindling in its relevance to spreads for now. UK April (real) retail sales miss this morning doing little to take rates off US PMI beats - the miss continues weak retail data for April. Some weakness in $ETF's on -$886m outflow from LQD - hard to be concerned with no signs of it being broad-based yet but also heading into a seasonal summer lull that tends to particularly acute in July/August and in €s. Add on any opportunistic pre-funding estimates (particularly in HY) that we may be in for an even larger dip with perhaps some offset in IG on a continued M&A pickup.
  • Supply expectations (bbg) for next week in €/£ IG/HY incl. covered are at ~€16.5b down from ~€25b for this week (actual €28b). $IG at $15-$20b down from $20-25b this week (actual $26b). Public holidays on Monday in UK & US.
  • In absence of anything interesting in macro we will leave you with below - vol in spreads are dead (well known) but so are option implied forward vols - 6m annualised in bps on CDX & iTraxx indices below.

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  • Broad based inflows hitting everyone; €/$/£ IG & HY with particular strength in $. US led equity inflows & govvie inflows across both regions continued.
  • Credit macro is dwindling in its relevance to spreads for now. UK April (real) retail sales miss this morning doing little to take rates off US PMI beats - the miss continues weak retail data for April. Some weakness in $ETF's on -$886m outflow from LQD - hard to be concerned with no signs of it being broad-based yet but also heading into a seasonal summer lull that tends to particularly acute in July/August and in €s. Add on any opportunistic pre-funding estimates (particularly in HY) that we may be in for an even larger dip with perhaps some offset in IG on a continued M&A pickup.
  • Supply expectations (bbg) for next week in €/£ IG/HY incl. covered are at ~€16.5b down from ~€25b for this week (actual €28b). $IG at $15-$20b down from $20-25b this week (actual $26b). Public holidays on Monday in UK & US.
  • In absence of anything interesting in macro we will leave you with below - vol in spreads are dead (well known) but so are option implied forward vols - 6m annualised in bps on CDX & iTraxx indices below.