CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

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EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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MNI: CANADA JUN INDUSTRIAL PRICES +0.0% MOM; EX-ENERGY +0.1%

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

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Off Cheaps Awaiting Data

US TSYS
  • Tsys are off session cheaps alongside core European FI markets, but hold lower on the session, after the impact of this morning’s NRW regional CPI print out of Germany & Spanish CPI data moderated from extremes (the totality of the release regional CPI data out of Germany points to a mild upside risk vs. pre-existing consensus).
  • The move has been helped a little further by a still relatively dovish Bostic after Powell didn’t offer any surprises at a Bank of Spain event earlier today.
  • 2YY +5.2bp at 4.762%, 5YY +5.2bp at 4.019%, 10YY +4.1bp at 3.749% and 30YY +2.4bp at 3.831%. A minor bear flattening on the day helps push 2s10s to -101bps.
  • TYM3 trades 10 ticks lower at 112-30 on cumulative volumes of 250k, typical for recent averages but still fairly subdued. The trend needle points south with the bear trigger at 112-12+ (Jun 14 low), whilst resistance is seen at 113-18 (Jun 15 high).
  • Data: Q1 GDP/core PCE third release (0830ET), weekly jobless claims (0830ET), Pending home sales May (1000ET)
  • Fed: Bostic speech on economic outlook (1500ET)
  • Bill issuance: US Tsy $70B 4W, $60B 8W bill auctions (1130ET)
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