MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI BRIEF: BOJ Consumption Activity Index Flat M/M In May

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

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

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

MNI: EUROZONE MAY RETAIL SALES +0.1% M/M, +0.3% Y/Y

Retail Trade Broadly In-Line With Consensus

Weak manufacturing in France and Germany in May; energy production up

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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Late Corporate Credit Update: Late Narrowing Risk Metrics

US

Investment-grade corporate credit risk off midday highs as stocks extended session highs in late trade. Overall volumes remain very light in post-holiday trade.

  • Investment grade risk measured by Markit's CDXIG5 index slipped to 73.536 vs. 74.463 midday high; CDXHY5 high yield index near steady at 103.854 (-.082).
  • Little change in overall metrics from earlier: Outperforming credit sectors (tighter or least wide): Consumer Discretionary debt (+2.7) weighed down by reversal for some airline debt risk that had gapped tighter late last week on improved demand guidance despite higher costs.
  • Technology sector debt next "least wide" (+2.9), Western Digital and Dell debt risk at issue
  • Lagging sectors (wider or least narrow): Financials (subordinated and Senior, +4.0-4.2) as large global bank debt underperforming despite stock shares doing well in late trade.
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