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BONDS

Gilt/Bund spread breaks above the double top

OUTLOOK

Weekly Claims, Retail Sales, TIC Flows

CHINA
CHINA: Local Chinese stocks are giving back some of yesterday's gains while
H-shares are still higher on the day but off their highs. CSI 300's hold above
3200 yesterday has improved the short-term outlook for Chinese stocks. 
- The 21-day rolling correlation between the CSI 300 and 2-year interest rate
swaps fell to -0.46 yesterday as the two assets are trading in opposite
directions, with the 2-year swap rate dropping 1bps today to trade at 2.96%.