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USDJPY TECHS

Still Pointing Higher

FOREX

A Volatile US Yield Curve Leads USD to Outperform

EURGBP TECHS

Bouncing Well

EQUITIES

Wave of Risk Off Follows US Yield Spike

GBPUSD TECHS

Bulls Press Pause

CROSS ASSET

Another Wave of Risk-Off Follows US Yield Spike

     BEIJING (MNI) - China's manufacturing Purchasing Manager Index (PMI) stood
above breakeven for a third month at 50.6 in May, following April's 50.8. The
data mirrored a stable recovery of the economy after authorities further eased
lockdowns, the latest data from the National Bureau of Statistics showed on
Sunday. 
     MNI highlights the following key points in the NBS statement:
     - The production sub-index edged down to 53.2 from last month's 53.7, above
the break even 50 for the third month, indicating continued improvement in
production.
     - The new-order sub-index climbed to 50.9 in May from 50.2 in April,
reflecting an increased demand faced by the manufacturing industry.
     - The new-export-order sub-index, a leading indicator for China exports,
was at 35.3, up from April's 33.5. The still-weak reading indicated the sharp
contraction in overseas demand as the pandemic depressed economies worldwide,
the NBS noted.
     - Non-manufacturing PMI rose for a third month in May to 53.6 from previous
53.2, led by a recovery in the construction industry. The service sector is
recovering steadily as consumption grows, helped by stimulus measures and an
extended May 1 Labour Day holiday, the bureau said.
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: MAQDS$,MAUDR$,MAUDS$,M$A$$$,M$Q$$$,M$U$$$,MT$$$$]