MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

PPI a Tenth Softer than Exp; Further NEIG HICP Disinflation to Come?

MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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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Bond Yields Back to Late Nov Levels

US TSYS
Better Tsy volumes with London back on line, and session still went out with a whimper. Thin year-end participation as Bond yds climbed back to late Nov levels.
  • Tsys gapped lower on the open, rebounded on air ahead the Nov adv goods trade deficit ($97.8B), wholesale inv +1.2 %, retail +2.0%.
  • Modest bounce off session lows on Block buy of 2,000 WNH2 194-26, well through the 194-21 post time offer at 0947:31ET. Renewed selling in TYH2 after 130-07.5 first support breached, 130-03 low. Sell-off coincided with round of selling in equities after ESH2 made new ATH Tue: 4797.0.
  • Tsy futures extend session lows after final coupon sale of 2021 trades weak: $56B 7Y note auction (91282CDP3): 1.480% high yield vs. 1.457% WI; 2.21x bid-to-cover lowest since Feb (five auction avg: 2.30x). Indirect take-up 59.25% vs. Nov's 59.29%
  • Thursday last full session of 2021, data on tap:
    • 0830 Jobless Claims (205k, 207k)
    • 0830 Continuing Claims (1.859M, 1.875M)
    • 0945 MNI Chicago PMI (61.8, 62.0)
  • US Pres Biden, Russia Pres Putin to hold telephone talks Thursday over Ukraine tensions, no set time.
  • The 2-Yr yield is down 0.2bps at 0.748%, 5-Yr is up 4.6bps at 1.2905%, 10-Yr is up 5.7bps at 1.5375%, and 30-Yr is up 4.9bps at 1.9491%.
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