MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

Services Inflation Potentially A Touch Softer; Food Prices Jump

Nominal Wage Growth Moderates In April, But Real Wages Remain Positive

MNI Projects 2.2-2.3% Y/Y National CPI, Core CPI Around 2.9%

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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Continued Risk-On, Trump Signed Covid Relief/Gov Funding Bill

US TSY FUTURES

Tsy futures trading weaker, near recent overnight lows on light holiday volumes: TYH under 100k at moment; yld curves steeper. Risk-on move kicked off Sunday evening after US Pres Trump signed Covid relief, US Govt funding bill. House to vote on increased $2,000 relief checks today.

  • 3M10Y +1.73, 85.417 (L: 83.163 / H: 86.599)
  • 2Y10Y +2.592, 82.602 (L: 80.805 / H: 82.805)
  • 2Y30Y +3.357, 157.085 (L: 154.596 / H: 157.221)
  • 5Y30Y +2.162, 131.808 (L: 130.01 / H: 132.036)
  • Current futures levels:
  • Mar 2Y down 0.12/32 at 110-15.25 (L: 110-15.125 / H: 110-15.5)
  • Mar 5Y down 2/32 at 126-0 (L: 126-00 / H: 126-02.75)
  • Mar 10Y down 5/32 at 137-23 (L: 137-23 / H: 137-30.5)
  • Mar 30Y down 20/32 at 172-4 (L: 172-03 / H: 172-30)
  • Mar Ultra 30Y down 43/32 at 211-7 (L: 211-05 / H: 212-26)
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