MNI China Daily Summary: Friday, July 5

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

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Weak manufacturing in France and Germany in May; energy production up

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Futures Either Side Of 97.00, Space Off Lows But Still Comfortably Weaker Post-CPI

GILTS
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Little to note when it comes to gilts in the time since our previous update.

  • Futures continue to trade either side of 97.00, with pressure for wider core global FI markets leaving the contract below the figure at typing.
  • Earlier lows of 96.83 have not been retested, while strong demand at this morning’s 5-Year gilt auction failed to generate a retest of broken support at 97.23.
  • Cash gilt yields are 8.5-13.5bp higher, with the curve bear flattening on the day.
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Little to note when it comes to gilts in the time since our previous update.

  • Futures continue to trade either side of 97.00, with pressure for wider core global FI markets leaving the contract below the figure at typing.
  • Earlier lows of 96.83 have not been retested, while strong demand at this morning’s 5-Year gilt auction failed to generate a retest of broken support at 97.23.
  • Cash gilt yields are 8.5-13.5bp higher, with the curve bear flattening on the day.