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

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

MNI: BANK OF KOREA KEEPS POLICY RATE AT 3.50%: PRESS

Asia Sovs Steady Ahead Of US CPI, PH Defense Spending To Increase

Japan May Machine Orders -3.2% M/M

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

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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Fund Flows

CREDIT MACRO
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  • Broad based inflows hitting everyone; €/$/£ IG & HY with particular strength in $. US led equity inflows & govvie inflows across both regions continued.
  • Credit macro is dwindling in its relevance to spreads for now. UK April (real) retail sales miss this morning doing little to take rates off US PMI beats - the miss continues weak retail data for April. Some weakness in $ETF's on -$886m outflow from LQD - hard to be concerned with no signs of it being broad-based yet but also heading into a seasonal summer lull that tends to particularly acute in July/August and in €s. Add on any opportunistic pre-funding estimates (particularly in HY) that we may be in for an even larger dip with perhaps some offset in IG on a continued M&A pickup.
  • Supply expectations (bbg) for next week in €/£ IG/HY incl. covered are at ~€16.5b down from ~€25b for this week (actual €28b). $IG at $15-$20b down from $20-25b this week (actual $26b). Public holidays on Monday in UK & US.
  • In absence of anything interesting in macro we will leave you with below - vol in spreads are dead (well known) but so are option implied forward vols - 6m annualised in bps on CDX & iTraxx indices below.

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  • Broad based inflows hitting everyone; €/$/£ IG & HY with particular strength in $. US led equity inflows & govvie inflows across both regions continued.
  • Credit macro is dwindling in its relevance to spreads for now. UK April (real) retail sales miss this morning doing little to take rates off US PMI beats - the miss continues weak retail data for April. Some weakness in $ETF's on -$886m outflow from LQD - hard to be concerned with no signs of it being broad-based yet but also heading into a seasonal summer lull that tends to particularly acute in July/August and in €s. Add on any opportunistic pre-funding estimates (particularly in HY) that we may be in for an even larger dip with perhaps some offset in IG on a continued M&A pickup.
  • Supply expectations (bbg) for next week in €/£ IG/HY incl. covered are at ~€16.5b down from ~€25b for this week (actual €28b). $IG at $15-$20b down from $20-25b this week (actual $26b). Public holidays on Monday in UK & US.
  • In absence of anything interesting in macro we will leave you with below - vol in spreads are dead (well known) but so are option implied forward vols - 6m annualised in bps on CDX & iTraxx indices below.