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EMERGING MARKETS: Positive reaction to French Election, PBOC to Borrow Tsy Bonds

EMERGING MARKETS
  • FRANCE: The first round of the French parliamentary election on 30 June delivered a result largely in line with opinion polling as the right-wing nationalist Rassemblement National (National Rally, RN) secured a plurality of the vote. Attention now turns to the second round on 7 July, where President Emmanuel Macron - after a poor third-placed finish for his centrist Ensemble alliance - is calling for a 'republican front' of the centre and left to join together to stop RN securing a majority.
  • US: President Joe Biden’s campaign is going on the attack against a chorus of donors, consultants, officials and media voices calling on him to drop out of the 2024 race after his devastating debate performance. Aides spent the weekend publicly dismissing suggestions that Biden reconsider his candidacy or take dramatic steps to overhaul his operation.
  • CHINA: MNI (Beijing) - The People’s Bank of China will borrow treasury bonds in the secondary market, according to a statement on the PBOC’s website on Wednesday. The PBOC “has decided to conduct treasury bond borrowing operations with selected primary dealers of open market operations in the near future” in a bid to “maintain the stable operation of the bond market” the statement said, noting the decision was made “based on a prudent observation and assessment of the current market situation”.
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