CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

MNI BRIEF: China State Planner To Increase Trade-in Support

MNI China Daily Summary: Thursday, July 25

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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

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Recovering Ground

GILT SUMMARY

Having traded weaker earlier in the session, gilts rallied in the afternoon.

  • Cash yields are now 2-3bp lower on the day. Last yields: 2-year 0.059%, 5-year 0.3619%, 10-year 0.8348%, 30-year 1.3880%.
  • The Jun 21 gilt future trades at 127.77, 3 ticks off the day's high.
  • The DMO earlier sold GBP2.5bn of the 0.625% Jul-35 Gilt with a further GBP593.749mn taken up through the PAOF.
  • The BoE purchased GBP1.147bn of medium-dated gilts with offer-to-cover of 2.52x.
  • April CPI data printed in line with expectations, but nonetheless more than doubled from the March reading. House price growth also accelerated in March, further stoking fears over a burst of inflation.
  • Looking ahead, the preliminary PMI data for May and retail sales data for April will be published on Friday.
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