MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

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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BUNDS
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  • There's very little change for Bund going into a quieter start week on the Data front, although the main focus will be on Friday, which will be the key day this week for Data, includes, France, Italy, Spain, Portugal prelim CPIs, ECB CPI expectations, US PCE core deflator, MNI chic PMI.
  • Support in Bund remains at 131.97, held last week and printed a 132.02 low.
  • Small resistance moves down to 132.94, but better is seen at 133.21 followed by the 133.48 area, equates circa the April low in 10yr Yield.
  • The only notable data release for today is the German IFO, and there's no tier 1 release out of the US.
  • SUPPLY: EU €2.5bn 2026 (equates to 26.9k Schatz) should have limited impact, and EU €2.5bn 2034 (equates to 20.6k Bund) should have no impact.
  • SPEAKERS: ECB Nagel, Villeroy, Schnabel, but unlikely to deviate from the data dependency.
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  • There's very little change for Bund going into a quieter start week on the Data front, although the main focus will be on Friday, which will be the key day this week for Data, includes, France, Italy, Spain, Portugal prelim CPIs, ECB CPI expectations, US PCE core deflator, MNI chic PMI.
  • Support in Bund remains at 131.97, held last week and printed a 132.02 low.
  • Small resistance moves down to 132.94, but better is seen at 133.21 followed by the 133.48 area, equates circa the April low in 10yr Yield.
  • The only notable data release for today is the German IFO, and there's no tier 1 release out of the US.
  • SUPPLY: EU €2.5bn 2026 (equates to 26.9k Schatz) should have limited impact, and EU €2.5bn 2034 (equates to 20.6k Bund) should have no impact.
  • SPEAKERS: ECB Nagel, Villeroy, Schnabel, but unlikely to deviate from the data dependency.