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No Real Follow Through From Chinese Data

US TSYS

Nothing in the way of a meaningful Tsy market reaction when it comes to the latest round of Chinese GDP & monthly economic activity readings (with the headline metrices beating expectations, although there was an unexpected 0.3ppt uptick in the unemployment rate), with a very modest post-data downtick observed. The space had moved away from lows ahead of the release, with participants likely looking to the negative start for Chinese equities and perhaps a little worried re: the Q1 GDP data. TYM2 last -0-13 at 119-17, while cash Tsys are 3-4bp cheaper across the curve, with the space off worst levels of the day.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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