MNI China Daily Summary: Monday, October 28

RPT-MNI INTERVIEW2: Trump Stagflationary For EZ-ECB's Wunsch

MNI BRIEF: PBOC Launches Outright Reverse Repo For Liquidity

MNI: PBOC Net Injects CNY32.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1307 Mon; +2.71% Y/Y

CHINA PBOC CONDUCTS CNY241.6 BLN VIA 7-DAY REVERSE REPOS MON

MNI: UK CBI OCT DIST TRADE REPORTED SALES -6

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL OCT INDEX 70.5

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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US TSYS: Heavy Issuance In An Otherwise Light Docket

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries hold a little cheaper on the day, with the main driver being some risk-on after the relatively limited nature of Israel’s strikes on Iranian military targets at the weekend.  
  • They are however off lows having been aided by spillover from a second step lower in oil futures which has spurred EGB outperformance.
  • Cash yields are 0.5-2bp higher, steepening with 2s10s at 15bps (+1.1bp).  
  • TYZ4 is at 110-27+ (- 06+) but off 110-18+ seen with the Asia open, on strong cumulative volumes approaching 440k. The bear trend has extended with second support at 110-13 (61.8% retrace of Apr-Sep bull cycle, cont.).   
  • Today’s docket is heavily centered around 2Y and 5Y supply, tests of demand for the front end to belly. Both came in on the screws last month but with less favorable details, although WI yields are currently tracking 58bp and 56bp higher than last month’s high yield.
  • Data: Dallas Fed manufacturing Oct (1030ET)
  • Note/bond issuance: US Tsy $69B 2Y Note (1130ET), $70B 5Y Note (1300ET)
  • Bill issuance: US Tsy $72B 26W Bills (1130ET), $81B 13W Bills (1300ET)
  • Fedspeak: FOMC blackout
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  • Treasuries hold a little cheaper on the day, with the main driver being some risk-on after the relatively limited nature of Israel’s strikes on Iranian military targets at the weekend.  
  • They are however off lows having been aided by spillover from a second step lower in oil futures which has spurred EGB outperformance.
  • Cash yields are 0.5-2bp higher, steepening with 2s10s at 15bps (+1.1bp).  
  • TYZ4 is at 110-27+ (- 06+) but off 110-18+ seen with the Asia open, on strong cumulative volumes approaching 440k. The bear trend has extended with second support at 110-13 (61.8% retrace of Apr-Sep bull cycle, cont.).   
  • Today’s docket is heavily centered around 2Y and 5Y supply, tests of demand for the front end to belly. Both came in on the screws last month but with less favorable details, although WI yields are currently tracking 58bp and 56bp higher than last month’s high yield.
  • Data: Dallas Fed manufacturing Oct (1030ET)
  • Note/bond issuance: US Tsy $69B 2Y Note (1130ET), $70B 5Y Note (1300ET)
  • Bill issuance: US Tsy $72B 26W Bills (1130ET), $81B 13W Bills (1300ET)
  • Fedspeak: FOMC blackout