CANADA MAY JOBS +26.7K VS FORECAST +20K, PRIOR +90.4K

MNI China Daily Summary: Friday, June 7

MNI BRIEF: China May Forex Reserves Rise On Weakened Dollar

MNI BRIEF: Mexico Inflation 4.69% In May, Below Consensus

MNI BRIEF: China Service Trade Grows Rapidly, Deficit Expands

MNI: PBOC Net Drains CNY98 Bln Via OMO Fri; Rates Unchanged

Key Stats Of Interest (1/2): Older Workers Leaving Workforce

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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: Third Wave Fears

BOND SUMMARY

European sovereign bonds have rallied this morning and curves have bull flattened alongside losses for equities.

  • Gilt yields are 2-5bp lower with the curve 2bp flatter.
  • The long end of the German curve is similarly outperforming with the 2s30s spread 3bp narrower.
  • BTPs have trade broadly in line with core EGBs. Cash yields are 1-5bp lower on the day.
  • EU member states are expected to resume using the AstraZeneca Covid jab after the EMA ruled in its favour. The move comes amid rising concern about the third wave and slow progress on vaccinations.
  • Reports have come out indicating a Scottish parliamentary committee has ruled that SNP leader Nicola Sturgeon misled parliament. While a formal inquiry conducted by an independent lawyer (James Hamilton) is still ongoing, pressure on Sturgeon to resign continues to mount.
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