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

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

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

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

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 Through Next Support, Fresh '24 Lows For Much Of SONIA Strip

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Spill over pressure from Fedspeak helps push gilt futures to fresh session lows, more than countering a brief round of support stemming from North American data.

  • Futures through the next round of technical support on the move, leaving bears eying 95.96 (lows of 96.03 seen thus far). Contract a little off lows at typing.
  • The front end to belly continues to lead the sell off, with yields now 4-9bp higher across the curve.
  • SONIA futures flat to -13.0, moving to fresh session/’24 lows across much of the strip ahead of the upcoming local event risk events we have highlighted elsewhere.
  • BoE-rate cut premium continues to be removed from BoE-dated OIS with ~41bp of easing now showing for ’24 and the first 25bp cut not fully discounted until the Nov ’24 meeting (~23bp of cuts priced through the Sep ‘24 MPC).
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Spill over pressure from Fedspeak helps push gilt futures to fresh session lows, more than countering a brief round of support stemming from North American data.

  • Futures through the next round of technical support on the move, leaving bears eying 95.96 (lows of 96.03 seen thus far). Contract a little off lows at typing.
  • The front end to belly continues to lead the sell off, with yields now 4-9bp higher across the curve.
  • SONIA futures flat to -13.0, moving to fresh session/’24 lows across much of the strip ahead of the upcoming local event risk events we have highlighted elsewhere.
  • BoE-rate cut premium continues to be removed from BoE-dated OIS with ~41bp of easing now showing for ’24 and the first 25bp cut not fully discounted until the Nov ’24 meeting (~23bp of cuts priced through the Sep ‘24 MPC).