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 JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

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 GDP/Wkly Claims, PCE, Durables React

US TSYS
  • Treasury futures rebound, post early session highs after flood of US data:
    • GDP Price Index higher than exp (3.5% vs. 2.7% est, 1.7% prior),
    • GDP Annualized QoQ (4.9% vs. 4.5% est, 2.1% prior);
    • Initial Jobless Claims stronger than exp (210k vs 207k est, 198k prior);
    • Durables (4.7% vs. 1.8% est, -0.1% prior/rev) and Cap Goods higher (0.6% vs. 0.0% est, 1.1% prior/rev).
  • Current Dec'23 10Y futures +6 at 105-27.5 vs. 105-28.5 high, still well below initial technical resistance of 106-31 (20-day EMA). 10Y yield at 4.9253 (-.0297) vs. 4.9873% high overnight.
  • Coming up: Fed Gov Waller opening remarks payment conf (text, no Q&A) at 0900ET - will not be policy related with Fed in blackout.
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