MNI China Daily Summary: Tuesday, Aug 20

RIKSBANK CUTS POLICY RATE BY 25BP TO 3.5%

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

MNI: EUROZONE JUN CONSTRUCTION OUTPUT +1.7% M/M, +1% Y/Y

Final Data Broadly Confirms Flash HICP Details

MNI: EUROZONE JUL FINAL HICP +0% M/M, +2.6% Y/Y

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

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New multi year high Yields

BONDS
  • New multi year highs in German Yields across the board as futures continues to fall ahead of the main event this week, the key ECB meeting.
  • Italy is outperforming Germany, following a FT piece, on the ECB's plan to support vulnerable European debt markets.
  • Many of the Governing council members are expected to support proposals to create a new bond buying program, to counter borrowing for states, such as Italy.
  • BTP/Bund spread has tightened this morning, on the FT piece, after the spread traded at widest level since May 2020 on Friday.
  • Gilt underperforms, as its catches up with the European price action, after the UK were closed last Thursday/Friday.
  • Gilt/Bund spread is 2.5bps wider.
  • Main news for the UK, is Boris Johnson facing a vote of no confidence, from 18.00BST.
  • US Treasuries have dipped lower, once again led by Germany, but TYU2 is still short of Friday's low at 118.11+, printed a 118.15+ low so far today.
  • Looking ahead, there's no data nor speakers of note for the start of the week.
  • Focus remains on Govies and Yields.
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