MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

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

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

US Treasury Auction Calendar

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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What to Watch: Personal Income/Spending, UofM Sentiment

US TSYS
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  • Treasury futures trade modestly higher (TYM4 +3.5 at 107-15) ahead the NY open, curves flatter (2s10s -1.821 at -31.386) with the short end underperforming.
  • Decent volumes (TYM4>365k) as markets await Personal Income/Spending and PCE Deflator data at 0830ET, followed by University of Michigan sentiment/inflation expectations at 1000ET. Kansas City Fed Services Activity data wraps up the week's data at 1100ET.
  • Expect two-way positioning/position squaring ahead of the weekend as focus turns to next Wednesday's FOMC policy announcement.
  • Changes to the Statement are likely to be limited, with the forward rate guidance remaining intact, though the Committee’s characterization of recent inflation will be scrutinized for any hawkish shift.
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  • Treasury futures trade modestly higher (TYM4 +3.5 at 107-15) ahead the NY open, curves flatter (2s10s -1.821 at -31.386) with the short end underperforming.
  • Decent volumes (TYM4>365k) as markets await Personal Income/Spending and PCE Deflator data at 0830ET, followed by University of Michigan sentiment/inflation expectations at 1000ET. Kansas City Fed Services Activity data wraps up the week's data at 1100ET.
  • Expect two-way positioning/position squaring ahead of the weekend as focus turns to next Wednesday's FOMC policy announcement.
  • Changes to the Statement are likely to be limited, with the forward rate guidance remaining intact, though the Committee’s characterization of recent inflation will be scrutinized for any hawkish shift.