MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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Risk-Off But BTPs Benefit from Syndication

EGB SUMMARY
  • A generally risk-off feel to markets has seen Bunds move higher and peripheral spreads widen, although a successful BTP syndication has seen BTP-Bund spreads tighten.
  • Brexit risks have generally been the driving force for markets today as the UK looks to be potentially stepping back from some of the terms of the withdrawal agreement. This has led to concerns of potentially aggravated Europeans and has not put the current negotiations in a good light.
  • Bund futures are up 0.60 today at 174.31 with 10y Bund yields down -3.9bp at -0.502% and Schatz yields down -0.9bp at -0.714%.
  • BTP futures are up 0.08 today at 144.79 with 10y yields down -0.3bp at 1.042% and 2y yields up 0.4bp at -0.77%.
  • OAT futures are up 0.53 today at 167.87 with 10y yields down -3.7bp at -0.202% and 2y yields down -1.0bp at -0.635%.
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