MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

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MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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OAT drifts to session low

BONDS
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  • Still stuck in a very tight 23 ticks range but OAT has drifted back towards its session low following France Le Maire's headline: "France must find -15bn annually to meet EU Fiscal demand".
  • Price action and volumes are still tiny and well below what these contract should be trading, with most Desks on the sidelines ahead of the awaited US CPI.
  • BTP volumes is of course more elevated today, but a function of the Delta hedging pre Italian supply.
  • Small support in OAT is at 123.65.
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  • Still stuck in a very tight 23 ticks range but OAT has drifted back towards its session low following France Le Maire's headline: "France must find -15bn annually to meet EU Fiscal demand".
  • Price action and volumes are still tiny and well below what these contract should be trading, with most Desks on the sidelines ahead of the awaited US CPI.
  • BTP volumes is of course more elevated today, but a function of the Delta hedging pre Italian supply.
  • Small support in OAT is at 123.65.