MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

Final June HICP Confirms Sticky Services Narrative

MNI: EUROZONE JUN FINAL HICP +0.2% M/M, +2.5% Y/Y

Survey date avoids Swift concerts - but accomodation is still very high

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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Preview 7Y Note Auction

US TSYS/SUPPLY

Tsy $43B 7Y-Note auction (91282CKF7) is at the top of the hour, WI currently running around 4.192%, 13.5bp rich to last month's high yield stop:

  • February auction recap: Tsys futures bounced off lows (TYH4 109-21.5 last) after a decent $42B 7Y note auction (91282CKC4) stopped through slightly: 4.327% high yield vs. 4.330% WI; 2.58x bid-to-cover vs. 2.57x last month.
  • Indirect take-up climbed to 69.57% vs. 69.06% last month; Direct take-up 14.38% vs. 17.00% prior, Dealers take 15.06% vs. 13.94%.
  • Timing: The 7Y note results will available shortly after the competitive auction closes at 1300ET.
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