MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

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

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SocGen Write on Their Approach to Global Markets in Current Conditions

CROSS ASSET
  • Central banks seem now to have won the battle of downplaying rate cut expectations, helping bond market volatility to fall. They re-gear their fixed income exposure, broadening it outside government bonds, into either credit, cash or EM: the three assets bring extra carry with moderate risk to a no-landing scenario in 2024.
  • They keep USD exposure unchanged at 44% and GBP at zero ahead of the election in the UK. As the ECB is expected to cut rates as early as June, they reduce allocation to EUR by 5 points to 32%, and raise JPY by a similar amount (+5 points to 12% due to valuation, positioning and monetary policy desynchronisation).
  • As such, they pursue a long G10 FX carry strategy – which optimises the carry, and should prove rewarding. They reduce commodities (-1 point to 9%) slightly and are on the moderately bearish side for oil and see improving fundamentals on copper.
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