CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

MNI Chicago Report™: Around 1/3 Plan Capital Investment For Now Or H2

MNI Chicago Report™: Over 30% See No Impact From Financial Conditions Changing

Chicago Business Barometer™ - Advanced to 47.4 in June

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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Bear Steepening

GILT SUMMARY

Gilts sold off alongside USTs and the curve has bear steepened as risk sentiment improves on the back of US fiscal stimulus and strong progress on vaccinations in the US and UK. A proposed global pandemic treaty has provided further support.

  • Gilt yields are now 2-5bp higher and the curve is 3bp steeper. Last yields: 2-year 0.0803%, 5-year 0.3727%, 10-year 0.8402%, 30-year 1.3744%.
  • The Jun 21 gilt future trades at 127.56 , near the middle of the day's range (L: 127.42 / H: 127.76).
  • The BoE earlier purchased GBP1.48bn of long-dated gilts with offer-to-cover of 2.20x.
  • Providing a further setback to the AstraZeneca vaccine, Germany has indicated that the jab could be suspended for the under 60s over fresh concerns about blood clots.
  • Tomorrow sees the release of the final Q4 GDP estimate.
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