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

MNI: PBOC Sets Yuan Parity Lower At 7.1122 Thurs; -1.79% Y/Y

MNI BRIEF: Aussie Unemployment Prints Tighter At 4% In May

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1122 THURS VS 7.1133

MNI BRIEF: China To Aid Outdated New-Energy Capacity Clear-out

Australia May Unemployment Rate 4.0%

MNI:AUSTRALIA MAY UNEMPLOYMENT RATE +4%

Local Investors Dump Offshore Bonds, Foreign Inflows Into Local Equities Halted

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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EGB/Gilt

BOND SUMMARY

Markets have shifted into a risk-off setting on renewed fears over the economic impact of Covid. Core European sovereign curves have bull flattened alongside broad losses for equities and a resurgent US dollar.

  • Gilts have outperformed with yields 6-9bp lower and the curve 3bp flatter.
  • The bund curve has similarly bull flattened with the 2s30s spread 3bp narrower.
  • OATs trade broadly in line with bunds. The short end of the curve has traded slightly weaker from Friday's close, with the 2s30s spread down 5bp.
  • BTPs have underperformed with cash yields up 1-3bp.
  • The UK government pushed large parts of the South East of the country, including London, into new Tier 4 restrictions following surging infections and concerns about a new more contagious strain of the coronavirus.
  • Governments across Europe have instituted travel bans against the UK.
  • The UK Retailing Reported Sales series came in slightly worse than expected for December at -3 vs 0 survey.
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