BRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor

MNI China Daily Summary: Wednesday, Aug 21

MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

US MBA: REFIS -15% SA; PURCH INDEX -5% SA THRU AUG 16 WK

MNI: US MBA: MARKET COMPOSITE -10.1% SA THRU AUG 16 WK

MNI: UK JUL PSNCR GBP19.23 BN

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

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CDX opens -0.4/-1 tighter, S&P futures +0.1% with low vol in pre-market. - $IG finished +1bp through $18b in supply while $HY decompressed - latter wasn't matched here and not explained away by rates. Net it's adding to same themes YTD; local HY outperformance (YTD returns at 4.2%) and €IG spread exceptionalism. Total return investors are actually better YTD in $IG now - better carry making the difference but it will hurt longer duration $IG index investors if US rates continues steeping (5s10s +15 YTD).

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CDX opens -0.4/-1 tighter, S&P futures +0.1% with low vol in pre-market. - $IG finished +1bp through $18b in supply while $HY decompressed - latter wasn't matched here and not explained away by rates. Net it's adding to same themes YTD; local HY outperformance (YTD returns at 4.2%) and €IG spread exceptionalism. Total return investors are actually better YTD in $IG now - better carry making the difference but it will hurt longer duration $IG index investors if US rates continues steeping (5s10s +15 YTD).