MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

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

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

June CPI: Surprise Unlikely To Shift Norges Bank Cut Expectations

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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Gilts lead the retracement lower

BOND SUMMARY

Core bond markets have been retracing some of yesterday's gains despite some mixed moves in equity markets.

  • Gilts have seen the biggest moves on the day in what has been a light morning for headlines.
  • Focus in Europe today is on the votes today from the upper chambers of Austria and Poland regarding the approval of the EU own resources which is the bedrock of the NextGenerationEU plans.
  • There are also a coupld of scheduled ECB speakers (de Guindos, Schnabel) while BOE's Vlieghe is due make a speech "What government bond yields can tell us about future growth and inflation"
  • TY1 futures are down -0-2 today at 132-27 with 10y UST yields up 0.8bp at 1.585% and 2y yields down -0.3bp at 0.146%.
  • Bund futures are down -0.07 today at 170.22 with 10y Bund yields up 0.5bp at -0.202% and Schatz yields up 0.3bp at -0.668%.
  • Gilt futures are down -0.16 today at 127.52 with 10y yields up 1.5bp at 0.766% and 2y yields up 0.2bp at 0.020%.
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