MNI BRIEF: China Private Services PMI Up In July

MNI: PBOC Net Drains CNY300.9 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1345; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY0.67 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1345 MON VS 7.1376

MNI China Daily Summary: Friday, August 2

MNI: UK FINAL JUL SERVICES PMI 52.5 (FLASH: 52.4); JUN 52.1

MNI: EUROZONE FINAL JUL SERVICES PMI 51.9 (FLASH: 51.9); JUN 52.8

MNI: GERMANY FINAL JUL SERVICES PMI 52.5 (FLASH: 52.0); JUN 53.1

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

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Hedging For Recovery

US TSYS SUMMARY
Inside range session Monday, Tsy futures mildly higher for the most part, 30Y Bond weaker after some choppy first half trade on light volume (TYM1<800K). Much of Asia out on extended weekend (Australia, New Zealand, China, Taiwan and Hong Kong), Europe close for Easter Monday holiday. Expect pick-up in activity, depth of market upon return; FX LIBOR settles resume Tue.
  • Rates sold off prior to mid-morning ISM Services PMI that hit a series high in March: 63.7, well above market expectations (BBG: 58.7). Previous high in near 25Y history of series was 62.0 in Aug'97. Rise was broad-based w/ New Orders recording a gain of 15.3 points. Business Activity increased 13.9pt, while Employment rose by 4.5pt. Prices paid rose again, up 2.2 points to 74.0.
  • Modest chop on two-way flow w/rates climbing back to hold narrow range through the second half. FI option flow centered on buying low delta puts, continued hedging for economic recovery/reflation.
  • Unscheduled comments from Tsy Sec Yellen: GLOBAL MINIMUM TAX CAN ENSURE MORE LEVEL PLAYING FIELD, HELP SPUR INNOVATION, GROWTH PROSPERITY. Link: Tsy.
  • CNBC interview w/Cleveland Fed Mester on the close: JOBS REPORT WAS GREAT BUT STILL 8.5M OUT OF WORK; EXPECT HIGH (but unsustainable) READINGS ON INFLATION IN NEXT COUPLE MONTHS, Bbg
  • The 2-Yr yield is down 1.4bps at 0.1724%, 5-Yr is down 3.9bps at 0.9382%, 10-Yr is down 0.5bps at 1.7163%, and 30-Yr is up 0.2bps at 2.358%.
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