MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Yields make new multi year highs

BONDS
  • EGBs and Bund yield spikes higher this morning following more early ECB Hawkish comments, this morning from Villeroy:
  • "Inflation is not only higher, but broader" "Inflation is less and less Anchored".
  • Bund 10yr yield breached above the 2015 peak, the German 2yr Schatz trades at highest level since Dec 2011.
  • Similar price action in Peripherals, with Italy breaking above the 3% in 10s.
  • A more subdued session for Gilts, with the contract trading near pre BoE level at 118.11.
  • US Treasuries are mostly inline with Germany, albeit a touch tighter on the Tnotes/Bund spread, by just 0.9bp.
  • Looking ahead, US, sees the awaited NPF, which will potentially provide some knee jerk reaction, but the focus at the forefront remains inflation and in turn Growth.
  • Speakers will supersede the NFP release.
  • Still scheduled to speak, ECB Elderson, Rehn, BoE Tenreyro, Fed Williams, Kashkari, Bostic.
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