MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Nancy Pelosi and Taiwan at the forefront

BONDS
  • Early price action has been led by the latest China headlines regarding Nancy Pelosi potential trip to Taiwan.EU and US Equities are on the on the back foot, following the latest Chinese headlines.
  • "Taiwan faces disastrous consequences of US action", talking about Nancy Pelosi's potential visit to Taiwan.
  • EGBs and Bund initially rallied, and the German 10yr Yield broke below the 0.70% level, and printed a 0.680% low today.
  • Futures have since reversed the early moves, but are still deep in green territory.
  • Although flat so far today, Portugal/Bund spread still trend to its tightest level since 21st April.
  • Next support will be seen at 96.04, now trading at 99.5bps.
  • Gilt has traded in line with Germany, and the Gilt/Bund spread trades 0.8bp tighter.
  • US Treasuries have mostly traded close to Europe, but underperform somewhat.
  • US 10yr Yield tested the lowest level since 5th April, but is off the lows inline with Europe.
  • Looking ahead, most of the focus is on Nancy's Pelosi potential visit to Taiwan.
  • There are no tier 1 data for the session, speakers, include Fed Evans, Mester and Bullard.
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