MNI China Daily Summary: Monday, June 17

MNI BRIEF: China To Retaliate Against EU Pork Products

MNI BRIEF: China Consumption Can Continue Acceleration - NBS

MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

EZ/UK T-Bill Calendar: 6-Month ESM-Bill Auction on Tuesday

Empire Survey Shows Improving Manufacturing Optimism At End-Q2

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Flat After See-Sawing Trade

EGB SUMMARY

Some decent price action throughout the session (despite no major driving catalysts) has ended up with EGBs more or less back to where they began the day.

  • Bunds pared morning losses in the afternoon, moving to roughly flat on the session as equity gains stalled. Periphery spreads see-sawed in the morning, alternately tightening and widening, now again flat on the session.
  • No economic data or speakers, while Belgium sold E1.5bln in 10-Yr OLOs.
  • Data released today shows ECB weekly net asset purchases remained fairly stagnant, with the third-lowest total of net buys (E19.2bln) in the 21 weeks since the PEPP programme launched.

** Latest levels:

  • Sep Bund futures (RX) up 1 ticks at 177.11 (L: 176.73 / H: 177.25)
  • Sep BTP futures (IK) up 4 ticks at 147.82 (L: 147.48 / H: 148.15)
  • Sep OAT futures (OA) up 9 ticks at 168.86 (L: 168.44 / H: 168.98)
  • Italy / German 10-Yr spread 0.8bps tighter at 144.3bps
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