MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

CHINA PBOC CONDUCTS CNY1.17 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1376 FRI VS 7.1323

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: China Steel Market To Remain Subdued In August

Swiss July Headline Remains at 1.3%, Services Moderate

MNI: FRANCE JUN INDUSTRIAL PRODUCTION +0.8% M/M, -1.6% Y/Y

MNI: SWISS JUL CPI -0.2% M/M, +1.3% Y/Y

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

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Rolling position dominates volumes

EGB SUMMARY

EGBs have stayed higher throughout the afternoon session, with the EUR a big part of the driving force.

  • EUR has extended its collapse, which was also exacerbated by broad base USD buying.
  • Bund 30s, 10s, 5s and 2s future strip have also been helped with better buying of rolls, with a huge session regarding volumes.
  • Bund front contract, all spread related, has traded close to 1 million contract at the time of typing, and the same can be said for the Schatz at 970k lots.
  • Roll pace: Buxl (45%), Bund (48%), Bobl (42%), Schatz (47%), OAT (47%), BTP (36%), BTPS (34%).
  • Semi core have kept up upside pace with Bund, and as such, peripheral spread have been mixed with best performer Italy, 2.1bps tighter, and Greece at the other end, 2.8bps wider.
  • Bund futures are up 0.92 today at 176.64 with 10y Bund yields down -4.8bp at -0.469% and Schatz yields down -1.6bp at -0.698%.
  • BTP futures are up 0.93 today at 147.62 with 10y yields down -6.9bp at 0.965% and 2y yields down -2.3bp at -0.141%.
  • OAT futures are up 0.97 today at 168.63 with 10y yields down -6.0bp at -0.182% and 2y yields down -0.4bp at -0.622%.
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