MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Service and Composite PMI was in focus

BOND SUMMARY

EGBs started the session better bid, as Equity futures unwound some of the overnight bid.

  • US stimulus hope and Trump possibly leaving hospital as soon as today, kept risk on a more positive tone.
  • Services PMI: Spain Misses, Italy Beats
  • Sept Services PMI comes out for Spain at 42.4 (vs 46.4 exp., 47.7 prior) and Italy at 48.8 (vs 46.6 exp., 47.1 prior), a miss and a beat vs expectations, respectively - though both below the 50.0 expansion waterline.
  • Bund/BTP spread moved off the low of the day at 131.8, now at 132.4, following the Italian PMI beat.
  • Nonetheless, peripheral spread remains flat in early trading.
  • Gilts are better offered, despite Brexit and Covid risk.
  • Following Johnson, Von Der Leyen weekend call, it is now expected that talks will drag on towards the end of October.
  • Today, Health Secretary Matt Hancock will be in the House around 15.30 UK time, after overnight news that nearly 16,000 positive Covid test had been missed between 25th Sep-2nd October.
  • US Treasuries, are lower, with the long end is underperforming, pushing the curve Bear Steeper.
  • Looking ahead, sees US service PMI, ISM service, and Fed Evans/Bostic
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