MNI China Daily Summary: Wednesday, July 31

MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

MNI BRIEF: BOJ's FY26 Inflation View Flat; Upside Risk To FY24, 25 Prices

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

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

Flash Inflation In-Line With Tracking; Services Softens But Only Slightly

MNI: EUROZONE JUL FLASH HICP +2.6% Y/Y

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

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BOND SUMMARY
  • Risk sentiment is on the front foot this morning with equities moving higher and core fixed income moving lower ahead of the US labour market report later today.
  • Despite equities moving higher, core bonds are all still trading within yesterday's ranges and likely looking for direction from today's data.
  • At the time of writing BOE's Saunders is scheduled to speak on the economy and COVID while the ECB's Villeroy and Lane are both due to speak today.
  • On the US labour market release our data team note that any weakness from private payrolls should be partially offset by government payrolls, which should see a boost as schools in some states reopen and the 2020 Census hiring picks up again. The unemployment rate should dip slightly to 9.9% from 10.2% in July, marking the smallest month-on-month drop since unemployment began falling in May.
  • TY1 futures are down -0-6+ today at 139-18+ with 10y UST yields up 1.3bp at 0.649% and 2y yields up 0.4bp at 0.132%.
  • Bund futures are down -0.24 today at 173.99 with 10y Bund yields up 0.8bp at -0.482% and Schatz yields up 0.3bp at -0.709%.
  • Gilt futures are down -0.27 today at 135.75 with 10y yields up 1.4bp at 0.249% and 2y yields up 1.4bp at -0.87%.
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