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: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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Industrials: Week in Review

BASIC INDUSTRIES
Credit BulletsBulletHomepagemarkets-real-timeCredit


  • Industrial spreads had a firm week with several high beta names compressing.
  • Alstom spreads continued their good run with the successful hybrid issuance; looks like a fairly valued credit at these levels https://marketnews.com/alstom-baa3-neg-senior-valuations.
  • Westlake was a strong performer (-8), an opportunity we highlighted this week https://marketnews.com/westlake-baa2-bbb-bbb-divergence.
  • DS Smith is a name we are monitoring with International Paper now potentially a target https://marketnews.com/ds-smith-smdsln-na-bbb-na-ip-merger-in-doubt.
  • Anglo American received and rejected a third bid from BHP. They opened the door slightly this time, while BHP stated their bid is final with broad caveats. AALLN spreads were sideways with the market none the wiser on the outcome.
  • Primary was active with Hochtief and Amcor printing with meaningful NIC; Air Liquide and Mondi were at / through the curve.
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  • Industrial spreads had a firm week with several high beta names compressing.
  • Alstom spreads continued their good run with the successful hybrid issuance; looks like a fairly valued credit at these levels https://marketnews.com/alstom-baa3-neg-senior-valuations.
  • Westlake was a strong performer (-8), an opportunity we highlighted this week https://marketnews.com/westlake-baa2-bbb-bbb-divergence.
  • DS Smith is a name we are monitoring with International Paper now potentially a target https://marketnews.com/ds-smith-smdsln-na-bbb-na-ip-merger-in-doubt.
  • Anglo American received and rejected a third bid from BHP. They opened the door slightly this time, while BHP stated their bid is final with broad caveats. AALLN spreads were sideways with the market none the wiser on the outcome.
  • Primary was active with Hochtief and Amcor printing with meaningful NIC; Air Liquide and Mondi were at / through the curve.