MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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PMIs dominate European morning session

BONDS
  • PMIs have been the talking point of the European morning session for core FI. Bund futures spiked to an intraday high of 152.40 around the release of the French flash PMI print which saw the services number come in two points weaker than expected and the composite print fall below the 50 breakeven level. The moves were quickly reversed and on the release of a better-than-expected German manufacturing PMI reading, Bunds moved over 50 ticks lower. Since then we have seen a Eurozone print closer to expectations and UK manufacturing PMI disappointing but service PMI holding up well.
  • This has translated to the German curve steepening a little (with little movement of Schatz yields) with bear flattening in the gilt and US Treasury curves.
  • Looking ahead we have the US flash PMI later today as well as Richmond Fed and Conference Board consumer confidence data and new home sales.
  • TY1 futures are up 0-5 today at 117-28 with 10y UST yields down -0.2bp at 3.015% and 2y yields up 1.7bp at 3.329%.
  • Bund futures are down -0.40 today at 150.96 with 10y Bund yields up 1.2bp at 1.315% and Schatz yields up 0.2bp at 0.880%.
  • Gilt futures are down -0.35 today at 112.03 with 10y yields up 2.2bp at 2.534% and 2y yields up 2.9bp at 2.633%.
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