MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

ITALY MAY INDUSTRIAL PRODUCTION +0.5% M/M ; -3.3% WDA Y/Y

Contrasting Momentum Dynamics Underscore Need For July Data

Services Drive Downside Surprise in CPI-ATE

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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Curve Flattens On Tuesday

US TSYS

TYZ3 deals at 106-15, +0-03+, in line with late NY levels.

  • Cash tsys finished 6bps cheaper to 6bps richer across the major benchmarks, the curve twist flattened pivoting on 7s.
  • Tsys ticked away from early European session highs on spillover from China, headlines crossed noting the raising of an extra 1TN in Yuan sovereign bond issuance whilst raising the fiscal deficit ratio to ~3.8% from 3.0%.
  • Losses extended after S&P Global US PMIs were firmer than expected.
  • A recovery from session lows was facilitated by a bid in US Equities after a number of strong Q4 earnings reports.
  • Q3 CPI from Australia provides the highlight in today's Asian session, further out we have New Home Sales and Fed Chair Powell provides welcome remarks at 2023 Moynihan Prize. We also have the latest 5-Year Supply.
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