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MNI EUROPEAN MARKETS ANALYSIS: China Assets Remain Under Pressure

  • US Treasury futures have edged slightly higher today, ahead of key event risks on Wednesday. The USD has mostly stayed on the front foot, although sits off recent highs.
  • Regional equity sentiment has been weighed by weakness in China and Hong Kong markets, as they returned from a long weekend. Tourism spending and property market concerns weighed. USD/CNY rose to fresh highs for 2024, but the pace of yuan depreciation remains very modest. Iron ore also fell to fresh multi week lows.
  • In Australia, the May NAB business survey showed further deterioration in conditions and confidence.
  • Later there are UK employment & wage data and US NFIB small business optimism for May. The ECB’s Lane, Buch and Elderson speak.

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  • US Treasury futures have edged slightly higher today, ahead of key event risks on Wednesday. The USD has mostly stayed on the front foot, although sits off recent highs.
  • Regional equity sentiment has been weighed by weakness in China and Hong Kong markets, as they returned from a long weekend. Tourism spending and property market concerns weighed. USD/CNY rose to fresh highs for 2024, but the pace of yuan depreciation remains very modest. Iron ore also fell to fresh multi week lows.
  • In Australia, the May NAB business survey showed further deterioration in conditions and confidence.
  • Later there are UK employment & wage data and US NFIB small business optimism for May. The ECB’s Lane, Buch and Elderson speak.

Keep reading...Show less