MNI China Daily Summary: Wednesday, July 31

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

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MNI BRIEF: China July PMI Contracts For Third Straight Month

MNI: US MBA: MARKET COMPOSITE -3.9% SA THRU JUL 26 WK

US MBA: REFIS -7% SA; PURCH INDEX -2% SA THRU JULY 26 WK

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

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

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Yields drift lower

BONDS
  • EGBs and Bund have extended higher this afternoon, after some receiving interest this morning as Yields tested new multi year high, from the European open.
  • Bund breached 1% and Tnotes 3%, but have drifted lower, with likely some short cover at the upper and of the range.
  • Bund is nonetheless still short of yesterday's high at 154.19, printed 154.10 high, at the time of typing.
  • Peripheral spreads are all wider, with Greece in the lead by 3.7bps.Gilts has recovered most of the large 84 ticks opening gap, which would need to test 118.49, printed a 118.36 high.
  • Looking ahead, most desks are already turning their attention to the FOMC meeting and presser tomorrow.
  • Gilt futures are down -0.25 today at 118.19 with 10y yields up 3.4bp at 1.938% and 2y yields up 3.6bp at 1.615%
  • Bund futures are up 0.45 today at 153.94 with 10y Bund yields down -4.6bp at 0.919% and Schatz yields down -1.2bp at 0.225%.
  • BTP futures are up 0.11 today at 129.89 with 10y yields down -3.2bp at 2.827% and 2y yields up 3.8bp at 0.802%.
  • OAT futures are up 0.45 today at 146.09 with 10y yields down -4.7bp at 1.444% and 2y yields down -1.3bp at 0.223%.
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