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Chinese Media Looks To Placate Equity Worry

EUROSTOXX50 TECHS

(U1) Holding Onto Gains

BTP TECHS

(U1) Needle Still Points North

ASIA RATES

China Repo Rates Creep Higher

GILT TECHS

(U1) Still Needs To Tackle Recent Highs

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J.P.Morgan note that "fundamentally, valuations remain very rich, and the Treasury market is pricing in a significant slowing in growth over the next year. Near-term, tomorrow's TIPS supply could pressure yields somewhat higher. However, we need a catalyst for yields to rise materially, and we do not see anything imminent that changes this dynamic. Thus, absent substantial declines in the unemployment rate, evidence Congress is making concrete progress on passing an infrastructure bill, or signs the spread of the Delta variant is slowing, the path to higher yields is likely to be limited over the near term."