MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Wednesday

MNI: US MAY CONSTRUCT SPENDING -0.1%

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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Futures Holding An Uptick, Limited Reaction to Middle East Tensions

JGBS

In Tokyo morning trade, JGB futures have maintained their Friday night uptick, +7 compared to settlement levels, but are off session highs. Along with US tsys, JGB futures popped higher on Middle East tensions over the weekend, but those gains have already been pared.

  • Nevertheless, spillover from higher oil prices will remain the focus today, along with broader risk trends, after the attack on a Russian Oil tanker in the Red Sea late Friday and the weekend attack on US soldiers in Jordan near the border with Syria.
  • Cash US tsys are dealing little changed in today’s Asia-Pac session.
  • Today, the local calendar is empty, apart from BoJ Rinban Operations covering 3-10-year and 25-year+ JGBs.
  • Cash JGBs are dealing slightly mixed, with yield movements across the curve bounded by +/- 0.5bp. The benchmark 10-year yield is unchanged at 0.718% versus the Nov-Dec rally low of 0.555%.
  • Swaps curve is witnessing a mild bear-steepening, with rates flat to 1bp higher. Swap spreads are slightly wider.
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