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US TSY FLOWS

Some short covering going through

UK

Gilt curve and the Pound

CZECHIA

First Hike on June 23 Is Now Very Likely

POLAND

PLN Weakness Is Weighing on Polish Equities

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  • EM financials, which has been strongly supported in the current risk on environment (with USD weakness), struggle to break above the 351.28 resistance, which corresponds to the 61.8% of the 224.27- 429.79 range (2018/2021 range).
  • Main risk for equities in the short run: governments delay the global reopening, increasing uncertainty for next winter, which could push preference for 'safe' assets such as US bonds and USD.
  • Another risk for cyclical stocks is the sharp contraction in Chinese liquidity.

Source: Bloomberg/MNI