MNI China Daily Summary: Wednesday, July 31

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Yields Ease From Recent Highs With 10Y UST Supply In Focus

BONDS

Core bonds have been gaining throughout the European morning with yields retracing from recent highs and modest bull flattening across curves.

  • It's been a risk-on session, with the pullback in yields (and a retracement in the dollar) seen as a factor benefiting equities.
  • The US will again be a global focus: the 10Y Treasury auction today will be a key test of appetite around current levels just shy of 2.00%, while tomorrow's CPI is a milestone ahead of a crucial Fed hiking decision next month.
  • Long-end supply a continuing theme in Europe as well, with Spain syndicating 30Y, and Germany selling 50Y Bund.
  • Not much remains on today's calendar though, with appearances BoE's Pill, Fed's Bowman/Mester, ECB's Schnabel. Latest levels:
  • Mar 10-Yr Tsy futures (TY) up 8/32 at 126-26.5 (L: 126-13.5 / H: 126-29)
  • Mar Bund futures (RX) up 61 ticks at 165.79 (L: 165.33 / H: 166.01)
  • Mar Gilt futures (G) up 54 ticks at 120.82 (L: 120.64 / H: 120.94)
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