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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Weaker, Light Calendar, Narrow Ranges

AUSSIE BONDS

ACGBs (YM -3.0 & XM -2.5) are weaker after trading in narrow ranges during the Sydney. With the domestic calendar empty, local participants are likely on headlines watch and monitoring US tsys after yesterday’s moderate rise in yields. Cash US tsys are currently dealing little changed in today’s Asia-Pac session.

  • (AFR) A Big Four bank predicts inflation will fall faster than expected and be back within the Reserve Bank of Australia’s target range by October, stoking hope interest rates will fall faster. (See link ICYMI)
  • Cash ACGBs are 2-3bps cheaper, with the AU-US 10-year yield differential 1bp wider at +1bp.
  • Swap rates are 1-3bps higher, with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing flat to -4.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. A cumulative 45bps of easing is priced by year-end.
  • TCorp has announced its intention to auction A$500mn of its existing 3.00% Feb-30 and 2.00% Mar-31 benchmark bonds. Bids were accepted via Yieldbroker from 10:45 to 11:00 local time.
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