MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Short-end Rates Continue Post-CPI Squeeze

EGBS
  • Market focus remains on rate expectations, with much of the action seen across the Euribor strip, with yesterday's multi-decade high US CPI still the catalyst behind gyrations in the fixed income market. The strip has traded lower by as much as 7 ticks this morning,
  • Bund futures are recovering off the morning's lows of 170.21, prompting a minor drift in the 10yr yield, retreating to -0.255%. The curve has steepened slightly, with 2y yields off as much as 2bps.
  • Gilt futures are extending the bounce off the 50-dma at 125.90, but remain well off the Wednesday highs of 127.10.
  • Treasury cash markets are closed for the duration of the Thursday session, which may see volumes and liquidity dry up beyond the NY crossover. As a result, there's little data due, but CB speak keeps up, with BOE's Mann, ECB's Lane, Schnabel and de Cos on the docket.
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