MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Inflation Expectations Survey Helps Gilts Off Lows

GILTS

Softer outcomes in the BoE’s inflation attitudes survey allow gilts to recover from lows before the move fades.

  • A reminder that wage and headline inflation metrics are still running above BoE comfort levels.
  • Futures last -11 at 98.32 (98.11-41 range).
  • Cash gilt yields are little changed to 1.5bp higher, light flattening of the curve.
  • Bears target a clean break of 4.10% in 10s after a look above this morning. A break would expose the Feb 13 high (4.167%)
  • SONIA futures move further off early lows on the data before fading once again, last flat to -4.5 through the blues.
  • BoE-dated OIS shows ~62bp of ’24 cuts, little changed on the day.
  • No real scheduled domestic risk to note ahead of the weekend, which will leave cross-market and broader macro headlines at the fore.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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