MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

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

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

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

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Wednesday

MNI: US MAY CONSTRUCT SPENDING -0.1%

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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NZGBS: Drifted Cheaper Into Year-End

BONDS

NZGBs concluded the session 1-3 bps cheaper across benchmarks, after dealing in relatively narrow trading ranges throughout the local session. In the absence of local calendar events, today's market dynamics have primarily reflected a drift towards year-end.

  • US tsys currently dealing 1-2 bps richer than NY's close in today’s Asia-Pac session. The CME Group trading floor closes at 1300ET Friday for the New Year's Holiday, while Globex closes at its normal time of 1600ET (re-open at 1600ET next Monday instead of the normal Sunday opening).
  • The NZ-US 10-year yield differential, currently at +48 bps, is approaching its lowest level since mid-November when it was +45 bps. To provide context, this differential was hovering around +75 bps in early December.
  • Notably, the recent outperformance of the NZ 10-year yield has been particularly pronounced compared to its ACGB counterpart. The NZ-AU 10-year yield differential is presently at +36 bps, a significant shift from its +99 bps position in early October.
  • Swap rates closed 1-2bps higher.
  • RBNZ dated OIS pricing closed little changed across meetings.
  • Next week, the local calendar is empty apart from CoreLogic House Prices on Thursday.
  • The focus for the remainder of Friday will be the December reading of the Chicago Purchasing Managers Index, the final data point for 2023.
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