MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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

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

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Softer On The Day, Heavy Fedspeak Ahead

US TSYS
  • Cash Tsys have bear flattened after two days of sizeable rallies, with most of the sell-off coming overnight after opening notably firmer.
  • 2YY +1.8bps at 1.484%, 5YY +1.4bps at 1.854%, 10YY +0.7bps at 1.969% and 30YY +0.2bps at 2.296%. The modest flattening leaves 2s10s at 48bps, off last week’s flats of 38bps as front end yields pull back more aggressively from recent heady highs.
  • TYH2 sits unchanged at 126-13+ on soft volumes. Still well within yesterday’s range, it continues to sit comfortably between resistance at 127-01 (Feb 7 high) and support at the bear trigger of 125-17+ (Feb 10).
  • Fedpeak: Heavy schedule with Evans (2023 voter), Waller (permanent), Williams (permanent) and Brainard (permanent) all speaking.
  • Data: Existing home sales for January are the pick, with focus on the extent of housing market tightness.
  • No NY Fed buy-op or Tsy issuance.
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