MNI China Daily Summary: Tuesday, July 9

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BRIEF: Gradual, but Decisive ECB Cuts Needed –Giorgetti

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

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

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

Weak May Releases Raise Further Recovery Into Question

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

US NFIB JUN SMALL BUSINESS INDEX 91.5

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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Post-Auction Bounce

US TSY FUTURES

Tsy futures bouncing back to late Asia session levels, curves scaling back from earlier steeper levels. Volumes have picked up but remain muted overall: TYH just over 370k while FVH jumps to 310k post auction. Markets on headline watch now, House to vote on $2k direct payment after the NY close (1600ET), National Defense bill veto override around 1700ET

  • 2Y10Y +1.258, 81.268 (L: 80.805 / H: 83.232)
  • 2Y30Y +2.008, 155.736 (L: 154.596 / H: 158.303)
  • 3M10Y +1.158, 84.845 (L: 83.163 / H: 87.012
  • 5Y30Y +1.615, 131.261 (L: 130.01 / H: 132.891)
  • Current futures levels:
  • Mar 2Y down 0.25/32 at 110-15.125 (L: 110-14.75 / H: 110-15.5)
  • Mar 5Y down 0.5/32 at 126-1.5 (L: 125-31 / H: 126-02.75)
  • Mar 10Y down 1/32 at 137-27 (L: 137-21.5 / H: 137-30.5)
  • Mar 30Y down 10/32 at 172-14 (L: 171-27 / H: 172-30)
  • Mar Ultra 30Y down 22/32 at 211-28 (L: 210-21 / H: 212-26)
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