MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Inflation Slows in June, Driven By Food and Fuels

June CPI Below Market Expectations, Headline Y/Y At 2.4%

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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Not a Typical August Day

EGB SUMMARY
  • A busy day for EGBs. The morning and early afternoon sessions saw Bunds grind higher, moving comfortably above yesterday's highs before spiking as high as 176.58 in the immediate aftermath of Powell's speech on the Fed's Monetary Policy Framework. However, these gains were quickly reversed and at the time of writing, Bunds hit new lows of the day of 175.75 and are trading just above that level at writing,
  • Peripheral spreads are mixed today with Irish spreads a bit wider and BTP spreads a bit tighter.
  • Bund futures are up 0.13 today at 175.79 with 10y Bund yields down -0.5bp at -0.422% and Schatz yields down -1.1bp at -0.668%.
  • BTP futures are up 0.24 today at 147.16 with 10y yields down -1.9bp at 0.996% and 2y yields down -1.5bp at -0.113%.
  • OAT futures are up 0.08 today at 167.80 with 10y yields down -0.2bp at -0.131% and 2y yields down -1.3bp at -0.607%.
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