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

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

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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Buying goes through

CROSS ASSET
  • A pick up to the upside in Govies, with Bund and Tnotes at session high, but the Bobl leads.
  • Regardless, liquidity is still very thin, with the Bund contract trading 24k in the first hour of trading since the cash open, which helps exacerbate the moves.
  • More likely short term short covers, but the move lack traction
  • Estoxx are in turn through session low, and worth keeping an eye on Risk, with Emini catching up with Europe, falling 20 points.
  • This week's low for VGM2 is at 3760.00 and will be seen as initial support
  • In cash Stoxx600, early losers are Banks, Auto/parts, Energy and Tech, while Basic resources, Real estate and Chemical still hold onto gains.
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