MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

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

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

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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Under Modest Pressure Into ECB

EGBS
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The previously flagged move lower in Euribor futures, coupled with the uptick in oil markets and expectations for a ‘hawkish’ ECB cut apply modest weight to EGBs through the first half of Thursday trade.

  • A bid in equity markets may also be factoring in.
  • The bulk of the major EGB benchmarks that we monitor stick within the ranges we have seen in recent days.
  • German yields are 1.5-3.0bp higher on the day, as the curve bear steepens.
  • Both German 2s10s and 5s30s stick within recent ranges.
  • 10-Year EGB spreads to Bunds are within ~1bp of yesterday’s closing levels, mixed on the day.
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The previously flagged move lower in Euribor futures, coupled with the uptick in oil markets and expectations for a ‘hawkish’ ECB cut apply modest weight to EGBs through the first half of Thursday trade.

  • A bid in equity markets may also be factoring in.
  • The bulk of the major EGB benchmarks that we monitor stick within the ranges we have seen in recent days.
  • German yields are 1.5-3.0bp higher on the day, as the curve bear steepens.
  • Both German 2s10s and 5s30s stick within recent ranges.
  • 10-Year EGB spreads to Bunds are within ~1bp of yesterday’s closing levels, mixed on the day.