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China & Japan Slip Despite Broadly Positive Risk Tone

EQUITIES

A mixed day for equity markets in the Asia-Pac region with volumes thinned by the US holiday. Markets in Japan are lower, data showed services PMI rose to 48.0 in Jun, composite PMI printed 48.9 while over the weekend the Chairman of the LDP's Election Strategy Committee Yamaguchi conceded that Japan's ruling coalition failed to secure an outright majority in the Tokyo Metropolitan Assembly. Markets in China are slightly lower, China June Caixin services PMI printed 50.3 in June from 55.1 in May, the figure denotes the lowest since April 2020. Other markets in the region are higher, boosted by Friday's US jobs report which saw US equities hit record highs for the seventh day in a row.

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